Will These Lower Interest Rates Entice Buyers?

Fixed-rate mortgages continued to drop this week, lowering borrowing costs for home buyers.

“Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate similarly remained relatively flat, falling just 1 basis point to 3.89 percent. Mortgage rates are continuing to hold at low levels.”

Freddie Mac reports the following national averages for the week ending Aug. 17:

  • 30-year fixed rate mortgages: averaged 3.89 percent, with an average 0.4 point, dropping from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 3.43 percent.
  • 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.5 point, falling from last week’s 3.18 percent average. A year ago, 15-year rates averaged 2.74 percent.

Source: Freddie Mac

Mortgage Rates Continue Near All-Time Lows

Mortgage rates hit a new 2016 low this week, nearing the lowest averages ever recorded. Freddie Mac reports the 30-year mortgage rate is close to the November 2012 record low of 3.31 percent.

“Continuing fallout from the Brexit vote drove Treasury yields lower again this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage followed Treasury yields, falling 7 basis points to 3.41 percent in this week’s survey. Mortgage rates have dropped 15 basis points over the past two weeks.”

Freddie Mac reports the following national averages for the week ending July 7:

  • 30-year fixed-rate mortgage: averaged 3.41 percent, with an average 0.5 point, dropping from last week’s 3.48 percent average. Last year at this time, 30-year rates averaged 4.04 percent.
  • 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.4 point, falling from last week’s 2.78 percent average. A year ago, 15-year rates averaged 3.20 percent.

Source: Freddie Mac

Home Loan Rates Plunge to 3-Year Lows

“The 30-year mortgage rate responded by falling 6 basis points for the second straight week to 3.54 percent — yet another low for 2016. Wednesday’s Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.’s upcoming European Union referendum will make it difficult for Treasury yields and — more importantly — mortgage rates to substantially rise in the upcoming weeks,” says Sean Becketti, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending June 16:

  • 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.5 point, falling from last week’s 3.60 percent average. Last year at this time, 30-year rates averaged 4 percent.
  • 15-year fixed-rate mortgages: averaged 2.81 percent, with an average 0.5 point, dropping from last week’s 2.87 percent average. A year ago, 15-year rates averaged 3.23 percent.

Source: Freddie Mac

Mortgage Rates Drop, Near 2016 Lows

“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range, providing an extended period for house hunters to take advantage of historically low rates.”

Freddie Mac reports the following national averages for the week ending May 5:

  • 30-year fixed-rate mortgages: averaged 3.61 percent, with an average 0.6 point, dropping from last week’s 3.66 percent average. Last year at this time, 30-year rates averaged 3.80 percent.
  • 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.89 percent average. Last year at this time, 15-year fixed-rate mortgages averaged 3.02 percent.

Source: Freddie Mac

Mortgage Rates Hit New Low for 2016

Mortgage rates this week plunged to their lowest level since February 2015, unlocking more savings for home buyers and home owners who are refinancing.

“Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields, as the 30-year mortgage rate fell 12 basis points to 3.59 percent,” says Freddie Mac chief economist Sean Becketti. “This rate marks a new low for 2016. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016.”

Freddie Mac reports the following national averages for the week ending April 7:

30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.5 point, dropping from last week’s 3.71 percent average. Last year at this time, 30-year rates averaged 3.66 percent.

15-year fixed-rate mortgages: averaged 2.88 percent, with an average 0.4 point, falling from last week’s 2.98 percent average. A year ago, 15-year rates averaged 2.93 percent.

Source: Freddie Mac

For the First Time in Weeks, Rates Move Lower

Good news after four straight weeks of increases. “The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table.”

Freddie Mac reports the following national averages for the week ending March 24:

  • 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.5 point, dropping from last week’s 3.73 percent average. Last year at this time, 30-year rates averaged 3.69 percent.
  • 15-year fixed-rate mortgages: averaged 2.96 percent, with an average 0.4 point, falling from last week’s 2.99 percent average. A year ago, 15-year rates averaged 2.97 percent.

Source: Freddie Mac

Home Loan Interest Rates Still on a Downward Trend

Mortgage rates continue to defy forecasts, as the 30-year fixed-rate mortgage falls even lower this week. This marks the second consecutive week where mortgages declined.

“Long-term Treasury yields continue to drop, dragging mortgage rates down with them,” says Sean Becketti, Freddie Mac’s chief economist. “Turbulence in overseas financial markets is generating a flight-to-quality which benefits U.S. Treasury securities. In addition, sagging oil prices are capping inflation expectations. The net effect on the 30-year mortgage rate was a 5 basis point drop to 3.92 percent.”

Freddie Mac reports the following mortgage rates for the week ending Jan. 14:

  • 30-year fixed-rate mortgages: averaged 3.92 percent, with an average 0.6 point, dropping from last week’s 3.97 percent average. Last year at this time, 30-year rates averaged 3.66 percent.
  • 15-year fixed-rate mortgages: averaged 3.19 percent, with an average 0.5 point, falling from 3.26 percent the prior week. A year ago, 15-year rates averaged 2.98 percent.

Source: Freddie Mac