Mortgage rates have been on a downward trend for the past few weeks, and this week is no exception. According to Freddie Mac’s weekly survey of lenders, the average rate for a 30-year fixed-rate mortgage dropped to 3.45%, down from last week’s 3.47%. This is the lowest rate since October of 2016.
The average rate for a 15-year fixed-rate mortgage also dropped this week, to 2.77%, down from last week’s 2.79%. This is the lowest rate since November of 2016.
The drop in mortgage rates is good news for potential homebuyers who are looking to take advantage of the current market conditions. Low mortgage rates mean lower monthly payments, which can make it easier for buyers to afford their dream home.
However, potential homebuyers should be aware that mortgage rates are still subject to change and could potentially rise in the future. It’s important to do your research and shop around for the best deal before committing to a loan.
In addition, it’s important to consider other factors that could affect your mortgage rate, such as your credit score and the type of loan you choose. A higher credit score can help you qualify for a lower interest rate, while certain types of loans may have different rates than others.
Overall, the recent drop in mortgage rates is great news for potential homebuyers. Low mortgage rates make it easier to afford a home, but it’s important to do your research and shop around for the best deal before committing to a loan. By taking the time to compare rates and consider other factors, you can find the right loan for your needs and get the most out of your home purchase.