Drop In Mortgage Rates Continues
News
Drop In Mortgage Rates Continues
February 10, 2020 10:02 AM
by
Keith Griffin

The steady downbeat of mortgage rates continues for the third straight week. Rates sit just 13 basis points above a low 3.32 percent back in November 2012.

According to research compiled by Freddie Mac, compared to this time last year, 30-year fixed rates were down by 96 basis points and 30-year fixed rates were also down by 149 basis points since November 2018’s most recent peak of 4.94 percent.

FXEmpire reported the weekly average rates for new mortgages as of Feb. 6 were quoted by Freddie Mac to be:

* 30-year fixed rates decreased by 6 basis points to 3.45% in the week. Rates were down from 4.41% from a year ago. The average fee remained unchanged at 0.7 points.

* 15-year fixed rates fell by 3 basis points to 2.97% in the week. Rates were down from 3.84% compared with a year ago. The average fee also held steady at 0.7 points.

* 5-year fixed rates increased by 8 basis points to 3.32% in the week. Rates were down by 59 points from last year’s 3.91%. The average fee fell from 0.3 to 0.2 points.

According to Freddie Mac, the markets staged a rebound in the week, supported by increases in manufacturing and service sector activity.The combination of very low mortgage rates, a strong economy, and more positive financial market sentiment all point to an upbeat home purchase demand outlook.

See more info about falling rates.

You might also be interested in these topics