Following a slight one-week dip, mortgage rates continued to climb over the past week, with the rate for a conforming 30-year mortgage now averaging 3.86 percent, up 27 basis points over the past five weeks.
At this time last year, the 30-year rate averaged 4.37 percent.
The 30-year rate, which hit all-time low of 3.31 percent in November 2012 and a three-year high of 4.58 percent in August 2013, has averaged roughly 6.7 percent over the past twenty years.
Thank you. 🙂
Agree its an interesting trend. Not sure how it moves the needle on home prices given that it continues to float under 5% I think if we got to 4.75 people would take a real hard look but fed seems to be influencing rates lower when they can do so.