Lowest Mortgage Rates 2016Mortgage rates lowest 2016
Mortgages rates drop to lowest levels for almost three years | 2016-04-14-14
Mortgages rates resumed their downtrend last weekend, dropping again to their lowest levels of the year and their lowest levels in almost three years, as Freddie Mac's latest Primary Mortgage Market Survey showed. For the second time in a row, the mortgage interest rate thus fell to a new low for the year.
Freddie Mac's last week's survey showed that the 30-year mortgage interest rates dropped 12bps to 3.59%, the lowest since February 2015. However, interest rates were even lower last weekend, with the mean interest on a 30-year fixed-rate mortgage dropping one base point to 3.58%.
A year ago at this point in the year, the 30-year fixed-rate mortgage stood at an average of 3.67%. The new low of 3.58% this weekend is the lowest interest rates have hit since May 2013. "Treasuries continued to be in high demand throughout the month, pushing returns to their lowest levels since February," said Sean Becketti, Freddie Mac's lead analyst.
"As a reaction to this, the 30-year mortgage interest declined by 1bp to 3.58 per cent. and the lowest level since May 2013." The 15-year-old FRM was also down, averaging 2.86% this weekend, two bps less than last week's 2.88% aver.
A year ago at that point in the year, the 15-year-old FRM stood at an average of 2.94%. In addition, the 5-year variable interest mortgage was on average 2.84% this weekend, slightly higher than the previous weekend when the 5-year variable interest mortgage was on average 2.82%. One year ago, the 5-year ARM was 2.88% on average. Please click on the picture below for a graphic illustration of the low mortgage rates.
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