Mortgage Market Survey:  7/7/16

The average rate for a benchmark 30-year mortgage has dropped to 3.41 percent over the past week, the lowest rate in over three years and within 10 basis points of the all-time low rate of 3.31 percent recorded in November 2012.

The current average rate is now 63 basis points below the 4.04 percent average rate recorded at the same time last year and 56 basis points below the 3.97 percent rate in place prior to the Fed’s first rate hike in December.

At the same time, home sales in San Francisco have been slowing while inventory and price reductions are on the rise, emerging trends we first spotted last year.

Comments from Plugged-In Readers

  1. Posted by two beers

    ScottyJanet, we’re dropping — we need more power, dammit, now!”

    “Captain, I’ve given her all I got. We got a handful of dilithium crystals left, and then it’s all over — she’s a-gonna blow!”

    “But, ScottyJanet, this is a. good. time. to. buy….right?”

  2. Posted by soccermom

    Has it been wiser in the past to fight the Fed?

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