The 30-year fixed-rate mortgage dropped from 4.94% last week, averaging 4.81% for the week ending Nov. 21, 2018. However, this is still an increase from last year’s rate of 3.92%.
“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81%, the largest weekly drop since January 2015,” Freddie Mac Chief Economist Sam Khater said. “Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would be buyers that have been on the fence waiting for a drop in mortgage rates.”
The 15-year FRM averaged 4.24% this week, down from last week’s 4.36%. This time last year, the 15-year FRM was 3.32%.
Source: Housing Wire
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Mortgage rates dropped below the psychologically important 4% mark, hitting the lowest point since November of last year.
The 30-year fixed-rate mortgage dropped to 3.97% for the week ending April 20, 2017. This is down from last week’s 4.08% but still up from last year’s 3.59%.
The 15-year FRM dropped to 3.23%, down from last week’s 3.34% but up from last year when it averaged 2.85%.
Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities thus causing a shift in investment sentiment which has propelled rates lower.
The drop in rates in an environment where rates are expected to rise has increased pressure on serious buyers to find a home which gives more leverage to sellers.
Source- Housing Wire & Freddie Mac Chief Economist Sean Becketti