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MarketWatch reports that mortgage rates have fallen with a 30-year fixed-rate mortgage averaging 3.13%. This is a new all-time low for the fourth time this year, and it is getting the interest of home shoppers.
The average 30-year fixed mortgage interest rates fell to 3.15% from 3.24% the previous week setting a new record low for the third time in the past three months.
Just as millennial's adoption of an “on-demand” or “sharing” economy has changed how we travel and work, the new home co-buying trend is shaping how they live.
In spite of a four-week run where mortgage interest rates have been below 3.6%, the 30-year fixed-rate mortgage bumped up an average 0.5 point last week to an average of 3.49%.
Home shoppers take notice as their buying power increases with the recent drop in mortgage interest rates just in time for the summer home purchasing season.
The 4% mortgage is back! The average rate on a 30-year fixed rate mortgage was down nearly a quarter point this week from a week earlier, its biggest drop in over a decade. Mortgage rates are fast approaching 4%, low enough to help the housing market rebound as the spring season approaches.
With spring selling season about to kick off, lower rates will restore buying power to potential home buyers and counteract continued home price increases and economic uncertainty.
