WASHINGTON — Purchasing a home just became a lot cheaper, thanks mostly to the Federal Reserve’s decision last week to put its interest rate hikes on hold for now. Mortgage buyer Freddie Mac said Thursday that the average 30-year fixed rate mortgage plunged to 4.06 percent this week, down from 4.28 percent last week. That’s the steepest weekly drop in a decade. Last week, Fed chairman Jerome Powell said the U.S. economy faces several headwinds, including slowing global growth, a trade war with China, and fading impacts from last year’s tax cuts. Fed policymakers signaled they were unlikely to raise rates this year, after projecting two hikes in December. Lower mortgage rates, slowing home price increases and a pickup in the number of available homes appear to be rejuvenating home sales after a slowdown last year. Sales of existing homes surged 11.8 percent in January, a sign that lower rates were encouraging more people to buy homes. The average … [Read more...] about US mortgage rates post biggest drop in decade to 4.06 pct.
30 year fixed mortgage rates us
Associated Press Published 11:56 AM EST Jan 31, 2019 Washington – U.S. long-term mortgage rates edged up after declining in recent weeks. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage rose to 4.46 percent, from 4.45 percent last week. Despite the recent declines, home borrowing rates are above last year’s levels. The key 30-year rate averaged 4.22 percent a year ago. The average rate this week for 15-year, fixed-rate loans ticked up to 3.89 percent from 3.88 percent. The recent decline in mortgage rates has been a spur to prospective homebuyers. Sales of new U.S. homes soared 16.9 percent November. Last year, home sales stumbled as higher borrowing costs eroded affordability. Increases in home prices have slowed in many areas of the country, and more homes have come on the market. Those developments, along with historically low mortgage rates, should give a boost to this spring’s home buying season, … [Read more...] about US average mortgage rates edge up; 30-year at 4.46 percent
Associated Press Published 12:28 PM EST Jan 3, 2019 Washington – U.S. long-term mortgage rates fell this week, starting the year with an inducement to prospective homebuyers. Mortgage buyer Freddie Mac said Thursday the average rate on the benchmark 30-year, fixed-rate mortgage declined to 4.51 percent from 4.55 percent last week. Despite recent declines, home borrowing rates remain far above last year’s levels. The key 30-year rate averaged 3.95 percent a year ago. The average rate for 15-year fixed-rate loans edged down to 3.99 percent this week from to 4.01 percent last week. Mortgage rates began to spike after President Donald Trump signed broad tax cuts, financed by government deficits, into law in December 2017. But rates have eased in recent weeks amid steep declines in the stock market and tumbling interest rates on the 10-year U.S. Treasury note – which influences long-term mortgage rates. The decline in mortgage rates could help boost home sales, which … [Read more...] about US average mortgage rates fall; 30-year at 4.51 percent
Josh Boak Associated Press Published 10:35 AM EST Dec 27, 2018 Washington – U.S. long-term mortgage rates fell this week, offering a slight degree of relief to would-be homebuyers after the stock market has tumbled. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage dipped to 4.55 percent from to 4.62 percent last week. Rates averaged 3.99 percent a year ago. The average rate for 15-year fixed-rate loans dropped to 4.01 percent from 4.07 percent. Still, that average is above its 3.44 percent level a year ago. Mortgage rates began to spike after President Donald Trump signed deficit-financed tax cuts into law last year, but rates have eased in recent weeks as stocks have sold-off and the interest charged on the 10-year U.S. Treasury note has tumbled. The decline in mortgage rates could help boost home sales, which have stumbled this year as higher borrowing costs have worsened affordability. “The negative … [Read more...] about US long-term mortgage rates dropped to 4.55% average
Associated Press Published 3:35 p.m. UTC Aug 16, 2018 Washington – Long-term U.S. mortgage rates fell this week for the second straight week, with relatively lower rates continuing to fail to spark home sales. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages dipped to 4.53 percent from 4.59 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.89 percent a year ago. The average rate on 15-year, fixed-rate loans fell to 4.01 percent this week from 4.05 percent last week. Mortgage rates have remained mostly steady since late spring despite higher rates of inflation and unease in world financial markets. But the pause in borrowing rates “is not leading to increasing home sales,” said Freddie Mac chief economist Sam Khater. Rising home prices, tight inventories of … [Read more...] about Average US mortgage rates fall; 30-year at 4.53 percent