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Mortgage Rates Drop To Three-Month Low

  • March 6th

by UrbanTurf Staff

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Long-term mortgage rates fell to their lowest level since early December this week. 

On Thursday, Freddie Mac reported 6.63% as the average on a 30-year mortgage, down 13 basis points from last week. That drop is the largest weekly decline since last September. 

“The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move," said Sam Khater, Freddie Mac’s Chief Economist.  "Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_drop_to_three-month_low/23266.

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