Chance for your home: mortgage rates are falling in the US
Mortgage rates declined slightly, approaching a three-year minimum, writes The Washington Post.
According to the latest data released on Thursday by Freddie Mac, the 30-year average fixed rate fell to 3,75 percent with an average 0,5 score. A week ago, rates were 3,81 percent, and a year ago - 4,54 percent.
Over 15 years, the average flat rate fell to 3,18 percent with an average 0,5 score.
The five-year average regulated rate fell to 3,47 percent with an average 0,4 score.
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"This is good news for buyers, especially when compared to last year," said Daniel Hale, chief economist at Realtor.com.
“Based on the average home price of $316 with a 000 percent down payment, buyers today will pay $20 less than they did a year ago,” she added.
However, according to her, this does not take into account the rise in housing prices.
On the other hand, falling mortgage rates may indicate a weaker economy, which could have a negative impact on the housing market in the future.
However, Sam Hater, Freddie Mac's chief economist, said that lower mortgage rates will soon have a positive impact on the housing market.
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Meanwhile, mortgage applications have fallen. The market's composite index, a measure of total loan applications, was down 1,9 percent from a week earlier, according to the latest data from the Mortgage Bankers Association. The refinancing index fell 2 percent from the previous week, while the purchase index fell 1 percent.
The share of refinancing mortgage activity was about half of all applications.
“Mortgage applications fell last week even as rates fell across the board,” said Joel Kahn, MBA associate vice president of economic and industry forecasting.
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