Mortgage rates across the United States have decreased this week, according to the latest figures released by Freddie Mac. The average rate for a 30-year fixed-rate mortgage is now 3.29%, down from 3.32% last week. This is the lowest rate since October 2019.
The decrease in mortgage rates is good news for potential homebuyers, as it means they can get a lower interest rate on their loan and save money over the life of the loan. Lower mortgage rates also make it easier for people to qualify for a loan, as lenders are more likely to approve a loan with a lower interest rate.
The decrease in mortgage rates is due to a combination of factors. The Federal Reserve has kept interest rates low in order to stimulate the economy, which has caused mortgage rates to decrease as well. Additionally, the coronavirus pandemic has caused economic uncertainty, which has caused investors to move their money into safer investments, such as U.S. Treasury bonds. This has caused yields on these bonds to decrease, which has caused mortgage rates to decrease as well.
The decrease in mortgage rates is good news for potential homebuyers, but it is important to remember that rates are still historically low. This means that it is still a good time to buy a home and take advantage of the low rates. However, it is also important to remember that rates can change quickly, so it is important to act quickly if you are looking to buy a home.
Overall, the decrease in mortgage rates across the United States is good news for potential homebuyers. Low mortgage rates make it easier to qualify for a loan and save money over the life of the loan. However, it is important to remember that rates can change quickly, so it is important to act quickly if you are looking to buy a home.