The average rate for a conforming 30-year mortgage ticked down from 4.39 to 4.32 percent over the past week, 26 basis points below the 4.58 percent two-year high rate recorded this past August but 1.01 percentage points higher than the all-time low of 3.31 percent in November 2012.
The average 30-year fixed mortgage rate was 3.53 percent at this time last year, a little over half the 6.71 percent it has averaged since 1990. The fixed 30-year mortgage rate has averaged 8.61 percent over the past 40 years.
While the move in rates has been attributed to weaker housing data, yesterday the Federal Reserve announced another $10 billion reduction in their monthly bond purchase program based on “underlying strength in the broader economy.”

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