The benchmark 30-year fixed-rate mortgage fell this week to 3.75 percent from 3.88 percent, according to Bankrate’s weekly survey of large lenders.
The Federal Reserve is on an asset-buying spree in an effort to keep the housing market afloat and stabilize mortgage rates. This is likely good news for people looking to take out a mortgage or refinance.
Mortgage rates have been volatile, jumping some 32 basis points in just two weeks prior to this to 3.88 percent, according to Bankrate’s national survey. Meanwhile, the 10-year Treasury has plunged back below 1 percent, which means fixed-rate mortgages may also trend down in the days to come.
A year ago, the 30-year fixed was 4.17 percent. Four weeks ago, the rate was 3.71 percent. The 30-year fixed-rate average for this week is 0.61 percentage points below the 52-week high of 4.36 percent, and is 0.19 percentage points greater than the 52-week