AgentIndustry News

Financial meltdowns abroad push down US mortgage rates

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Financial market meltdowns in Greece and China have investors fleeing to the safety of U.S. Treasurys, pushing average fixed-rate mortgage rates lower and bolstering buyer activity as the busy spring homebuying season comes to a close. According to Freddie Mac’s most recent Primary Mortgage Market Survey, the rate on 30-year fixed-rate mortgages averaged 4.04 percent for the week ending today, down from last week when it averaged 4.08 percent. A year ago at this time, this rate averaged 4.15 percent. The rate on 15-year, fixed-rate mortgages averaged 3.2 percent, down from last week when it averaged 3.24 percent. Last year at this time, this rate averaged 3.24 percent. Rates on five-year, Treasury-indexed, hybrid adjustable-rate mortgages (ARMs) averaged 2.93 percent this week, down from last week when they averaged 2.99 percent. A year ago, this rate averaged 2.99 percent. And the one-year, Treasury-indexed ARM averaged 2.5 percent this week, down from last week when...