This year’s run-up in mortgage rates may be done for now, with rates falling this week for the fifth time in the last six weeks. And there may even be room for rates to drop even lower.
“Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week,” said Sam Khater, Freddie Mac’s chief economist.
Forecasts for rising mortgage rates remain largely off-mark, with rates falling to the lowest levels of the year this week.
Mortgage rates continued to move lower this week, with the average rate on a 30-year fixed-rate mortgage falling below the 4 percent mark for the first time since November.
Although they have been low in recent years, rates are climbing again, and the pace at which they have climbed since the election is startling.
President-elect Donald Trump’s pick for treasury secretary, Steven Mnuchin said Fannie Mae and Freddie Mac should be set free from government oversight.
Freddie Mac has revised its outlook for mortgage rates this year and next, now saying 30-year rates won’t rise above 3.60 percent this year, and won’t be higher than 4 percent by the end of next year.
Freddie Mac says the average rate on a 30-year fixed-rate mortgage for borrowers with excellent credit fell to 3.41 percent this week, barely higher than the record low 3.31 percent set in late 2012.
With mortgage rates enticingly low, more homeowners with an existing mortgage are taking the first step to get a lower rate.
Mortgage rates fell again this week, and might continue to do so.
Amid market turmoil, mortgage rates fell again this week.
Montgomery County officials are suing Fannie Mae
and Freddie Mac
for at least $75,000 in unpaid Maryland property
Bertina Jones says while protesting outside of the headquarters at Tysons Corner, Freddie Mac invited Jones inside for a sit-down with a representative at the bank.