For those potential home-buyers with enough money for a down payment, it looks like you may want to start scanning the real estate listings. According to Freddie Mac, the average rate on 30-year fixed-rate mortgages has hit a four-month low.
From Dow Jones News:
The 30-year fixed-rate mortgage averaged 4.71 percent for the week ended Thursday, down slightly from the prior week’s 4.78 percent average and 5 percent a year ago. Rates on 15-year fixed-rate mortgages were 3.89 percent, down from 3.97 percent in the previous week and from 4.36 percent a year earlier.
“Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” said Freddie Mac’s Chief Economist.
Mortgage rates drop to 4-month low [Chicago Breaking Business]