“This is likely the last of the low rates,” said Smoke. “We’re likely to see increases in the weeks
ahead.”
The 30-year fixed-rate mortgage dropped to its lowest point of the year
as 10-year Treasury yields closed at their lowest level since May 2013,
according to Freddie Mac. This
week, the 30-year fixed-rate mortgage fell to 3.80%, down from 3.93%
last week. A year ago this time, it was 4.47%, according to the Primary
Mortgage Market Survey. “The temporary decline in rates will likely be short-lived,” said Jonathan Smoke, chief economist. “Those who can take advantage now and lock in a purchase or refinance at these levels may never see these rates again.” Read more.
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