St Casimirs Mortgage Minute

Mortgage Rates for 30-Year U.S. Loans Drop to Lowest Since 2013

Freddie Mac reported on April 14 that the average 30-year fixed-rate mortgage dropped to 3.58 percent during the week from 3.59 percent the prior week, marking the lowest level since May 2013. The average 15-year fixed-mortgage fell from 2.88 percent to 2.86 percent over the same period. "The persistent weakness in the global economy has been a boon to mortgage shoppers," says Greg McBride, chief financial analyst at Bankrate.com. "It brought rates lower in a year we widely expected them to go higher." The 30-year rate has been below 4 percent since the start of the year, and experts do not expect mortgage rates to spike anytime soon, as the Federal Reserve announced last month that it would hold interest rates unchanged as it waited to see whether slower growth abroad put a damper on the U.S. economy.

From "Mortgage Rates for 30-Year U.S. Loans Drop to Lowest Since 2013"
Bloomberg (04/14/16) Gopal, Prashant

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