Mortgage Rates Drop To 16-Month LowOctober 23, 2014
As we expected, the average rate for a conforming 30-year fixed-rate mortgage dropped to its lowest point in over a year, down from 3.97 percent to 3.92 percent over the past week and versus 4.13 percent at the same time last year. The current average rate is at its lowest point since the first week of June in 2013 when it averaged 3.91 percent.
That being said, with unemployment claims now at their lowest point in 14 years and the yield on the 10-year Treasury on the move, the dip in mortgage rates is likely over for the time being.
Having averaged around 6.7 percent over the past twenty years, the 30-year rate hit a three-year high of 4.58 percent in August 2013 and an all-time low of 3.31 percent in November 2012.
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