Mortgage Rates Dip For 4th Consecutive Week
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The combination of the Fed not raising interest rates this past week and a slowing economy is helping to lower interest rates for mortgages. This breather is going to be an opportunity for housing fence sitters to get back into looking for new properties.
Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.52 percent this week from 6.55 percent last week. That was the lowest level for 30-year mortgages since they averaged 6.49 percent the week of April 13. Mortgages had been rising since April, hitting a more than four-year high of 6.80 percent the week of July 20 before easing down.
Analysts attributed the rollback in rates to further evidence that the economy is slowing, which should ease inflation pressures.
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