Mortgage rates fell to 3.61 percent last week, down from the prior week where we saw rates at 3.66 percent on an average 30-year fixed loan. Rates have been holding steady below 4 percent all year and have been on the decline since March.<\/p>\n
Home loans have been getting cheaper since December, when the Federal Reserve raised its benchmark rate on short-term loans. Fed Chair Janet Yellen and her team left that rate unchanged at their meeting last month.<\/p>\n
\u201cThe Fed\u2019s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,\u201d Freddie chief economist Sean Becketti said. \u201cSince the start of February, mortgage rates have varied within a narrow range, providing an extended period for house hunters to take advantage.\u201d<\/p>\n
Odds are of rates being raised during the June meeting are low, giving house hunters the advantage as we enter peak home-buying season. Though the Fed doesn\u2019t exactly control where the mortgage rates are, they do affect borrowing costs.<\/p>\n
How long do you think that the rates will continue trending down before we see a rise? Let us know!<\/p>\n","protected":false},"excerpt":{"rendered":"
Mortgage rates fell to 3.61 percent last week, down from the prior week where we saw rates at 3.66 percent on an average 30-year fixed loan. [\u2026]<\/span><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1266","post","type-post","status-publish","format-standard","hentry","category-mortgage-industry-news"],"yoast_head":"\n