Mortgage rates in the U.S. fell to another record low of 4.36%. Average rates on 30-year mortgage contracts with fixed rate fell to a new low because of problems in the economy.
Mortgage rates fell to their lowest levels in decades for the ninth time in 10 weeks, which suggests that economic growth is weakening. Mortgage giant Freddie Mac said Thursday that the average rate for 30-year mortgage contracts with a fixed rate fell to 4.36% this week, compared to 4.42% on Tuesday. This is the lowest level since Freddie Mac began as a track betting in 1971
The weighted average rate on 15-year contracts at a fixed rate fell to 3,86% from 3,9% the previous week. This is the lowest since 1991, informed the publication K2Kapital.
Prices are falling in the spring, as investors try to shift their money into safer Treasury bonds, which leads to a decrease in their profitability. Mortgage rates tend to orient the bond market. Low rates make borrowers refinance their loans secured by homes.