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Long-Term Mortgage Rates Fall as 30-Year Slips to 3.64%

Long-Term Mortgage Rates Fall as 30-Year Slips to 3.64%
(Andrii Yalanskyi/Dreamstime)

Thursday, 26 September 2019 02:57 PM

U.S. mortgage rates fell broadly in latest week in step with the lower bond yields, prompting expectations that lower borrowing costs would support domestic home sales and construction, Freddie Mac said on Thursday.

Interest rates on 30-year fixed-rate mortgages fell to 3.64% in the week ended Sept. 26, down from 3.73% the prior week and from 4.72% a year earlier, the home finance agency said.

Benchmark 10-year Treasury yields declined nearly 7 basis points last week as the Federal Reserve lowered key lending rates for a second time in 2019.

"The fall housing market is poised to continue with steady gains in prices and solid sales activity,” said Freddie Mac chief economist Sam Khater in a statement.

The average 15-year mortgage rate slipped to 3.16% from 3.21% the week before and from 4.16% a year.

Borrowing costs on five-year adjustable-rate mortgages averaged 3.38%, down from 3.49% a week earlier. They averaged 3.97% a week ago.

© 2019 Thomson/Reuters. All rights reserved.

   
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U.S. mortgage rates fell broadly in latest week in step with the lower bond yields, prompting expectations that lower borrowing costs would support domestic home sales and construction, Freddie Mac said on Thursday.
mortgage, rates, home, loans
155
2019-57-26
Thursday, 26 September 2019 02:57 PM
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