If you’re locking in rates on a 30-year-fixed rate mortgage, you
could score a 3.57% interest rate, according to the Primary Mortgage Market Survey by
Freddie Mac. A year ago, that same mortgage averaged 3.85%.
Low rates, and high quality borrowers, have pushed mortgage
delinquency rates to the its lowest level since 2006, according to Jeremy
Collett, director of secondary marketing atGuaranteed Rate.
Yet, the market is responding to disappointing
employment data, according to Sean Becketti, chief
economist at Freddie Mac.
“As a result, the 30-year mortgage rate fell 4 basis points to
3.57 percent, a new low for 2016 and the lowest mark in 3 years,” he said.
“Prospective homebuyers will continue to take advantage of a falling rate
environment that has seen mortgage rates drop in 14 of the previous 19 weeks.”
The 5-year fixed-rate mortgage averaged 2.81% this week, down
from 2.86% last week.
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Think back to 2013, the 30-year fixed rate averaged 3.42%, according to Freddie Mac. In 2009, it averaged 4.84%.
