The average rate for a conforming 30-year mortgage ticked down to 4.14 percent over the past week, 44 basis points below the three-year high rate of 4.58 percent recorded this past August and 32 basis points lower than at the same time last year when rates spiked following comments from the Fed.
The 30-year fixed mortgage rate has averaged 6.67 percent since 1990 and the all-time low of 3.31 percent was recorded in November of 2012.
Freddie Mac is forecasting the 30-year rate will hit “around 4.6 percent” by the end of the year.
Please note the same Freddie Mac forecasting rates around 4.6% is the same Freddie Mac whose analysts think the San Francisco residential real estate market is soft/weak.
They may have some formula errors in their spreadsheets, and the economy may not be recovering as well as some have forecast.
^ RE the economy – Am I the only one who is unconcerned that health care spending is not as high as projected? That was a major component of the economic dropping in the first quarter. Apparently the feds thought there would be more health care spending than there was, but they’re obviously having difficulty estimating given the beginning of ACA. In many respects a drop in health care expenditures would be a plus!
You can do better than this. I just signed the paperwork on a 3.75% fixed rate Jumbo 30 year today. Zero points, very low closing costs.
@NoeValleyJim….Nice rate. Can you tell us what lender. I’d like to explore. Thanks.