March 26, 2017

Mortgage Rates Sink To Record Low

For the 5th consecutive month, the 30-year fixed mortgage rate has declined and is 4.32% – the lowest on record since mortgage data began to be recorded in 1971. At this time last year, the rate was 5.08%, according to Freddie Mac. Additionally, the 15-year fixed mortgage rate also declined to a record low and is currently 3.83%. With high unemployment levels, stagnant home sales, and increased foreclosures, the decline of these rates may encourage new buyers. Though, as the graph below shows, the 30-year fixed mortgage rate has been consistently declining, so buyers may wait for it to go even lower before becoming interested.

30-Year Fixed Rate Mortgage Rate:

The US Treasury continues to lower its expectations for the economy.

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