Mortgage Rates in the U.S. Slide to the Lowest Since July 2016

(Bloomberg) — Mortgage rates in the U.S. declined, giving homebuyers a crack at the lowest borrowing costs in more than three years.

The average rate for a 30-year fixed mortgage was 3.45%, down from 3.51% last week and the lowest since July 2016, Freddie Mac data showed Thursday. The 15-year average slipped to 2.97% from 3%.

Fears of a coronavirus pandemic have fueled a global rush for safe assets, sending the Treasury yields that guide mortgage rates sliding. That provides a window for homeowners looking to refinance into cheaper loans, and helps make purchases more affordable.

“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.