Mortgage rates dropped again last week as concerns about the ongoing trade dispute with China continue. The 30-year-fixed-rate mortgage averaged 3.6%- the lowest we've seen since November 2016. Last year at this time, the 30-year fixed-rate-mortgage averaged 4.59 percent.
This was the third-largest weekly decline for the 30-year-fixed-rate mortgage during 2019, a year where we've only seen a handful of rate increases.
The 15-year-fix-rate-mortgage also dropped to an overage of 3.05%. Last year at this time, the 15-year fixed-rate-mortgage averaged 4.05 percent.
Sam Khater, Freddie Mac’s chief economist, says, “There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment. Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”
The decrease in mortgage rates is good news for both home buyers and home sellers. Decreased mortgage rates may encourage home buyers who have considered entering into the market while there are more homes available to finally take the leap. Home sellers should then benefit by the increase of perspective buyers.
If you are planning to buy or sell your home, please contact Sallan Real Estate. We will be honored to assist you however we can!