Mortgage rates have decreased slightly this week, according to the latest analysis from the experts at the National Association of Realtors. The average rate for a 30-year fixed-rate mortgage was 3.67%, down from 3.71% last week. This is the lowest rate since the week of April 5, 2018.
The decrease in mortgage rates is good news for potential homebuyers, as it makes it easier to afford a home. Lower mortgage rates can also help existing homeowners refinance their mortgages and save money on their monthly payments.
The drop in mortgage rates is due to a combination of factors, including the Federal Reserve’s decision to keep interest rates steady and the ongoing trade tensions between the United States and China. The Fed’s decision to keep interest rates steady has caused investors to shift their money away from stocks and into bonds, which has caused bond yields to decrease. This, in turn, has caused mortgage rates to decrease as well.
The trade tensions between the United States and China have also contributed to the decrease in mortgage rates. As the two countries continue to impose tariffs on each other’s goods, investors are becoming increasingly concerned about the potential economic impact of the trade war. This has caused investors to move their money into safer investments, such as bonds, which has caused bond yields to decrease and mortgage rates to follow suit.
Overall, mortgage rates are still near historic lows, making now a great time for potential homebuyers to take advantage of low rates. However, it is important to remember that mortgage rates can change quickly, so it is important to stay up-to-date on the latest news and analysis.
For more information about mortgage rates and the latest analysis, be sure to check out the National Association of Realtors’ website.