Low interest rates continue to benefit anyone looking for a mortgage, as the average 30-year fixed-rate mortgage rates fell to a new 19-month low in the latest week, slipping to 3.80% from 3.93% a week earlier, according to Freddie Mac‘s (FMCC) latest Primary Mortgage Market Survey. It’s the lowest average rate recorded since May 2013, and it comes during a week when Treasury bond yields also sank to new 2014 lows, with the 10-year Treasury yield – which typically sets the tone for mortgage rates – closing at a year-to-date low 2.071% on Tuesday.
“Mortgage rates fell along with 10-year Treasury yields, which closed at their lowest level since May 2013,” said Frank Nothaft, Freddie Mac’s chief economist, in a statement, noting that housing starts fell in November from October.
An equivalent 30-year average rate measured by the Mortgage Bankers Association’s latest weekly survey fell to 4.06% from 4.11% a week earlier, and the average rate for jumbo loans of more than $417,000 fell to 3.99% from 4.07% a week earlier. Both of those rates are also now at their lowest since May 2013.
The MBA survey also showed mortgage applications decreased by 3.3% in the latest week.Original article by Michael Aneiro here. Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. Their team specializes in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany.