Mortgage rates a hair above record lows

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Inman Connect San Francisco, Jul 16-20, 2018

Mortgage rates eased slightly this week, staying near record lows amid uncertainty about the strength of the economic recovery.The Federal Reserve's Open Market Committee said Wednesday that it expects to maintain "a highly accommodative stance for monetary policy" to support a stronger economic recovery, but announced no changes to existing policies.Labor market conditions have improved in recent months, the committee noted, but the unemployment remains elevated.  Despite some signs of improvement, the housing sector "remains depressed," the committee noted.Freddie Mac's weekly Primary Mortgage Market Survey showed 30-year fixed-rate mortgages averaging 3.88 percent with an average 0.7 point for the week ending April 26, down from 3.9 percent last week and 4.78 percent a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in records dating to 1971 of 3.87 percent during the first three weeks of February.For 15-year fixed-rate mortgages, rates avera...