Mortgage Rates See Biggest One-Week Drop in a Decade Great News For Home Buyers-Apex-Cary-Raleigh-Holly Springs-Chapel Hill-Durham

Mortgage Rates Hit Record Lows for Three Consecutive Weeks

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCM...

Mortgage Rates See Biggest One-Week Drop in a Decade

MCLEAN, Va., March 28, 2019 (GLOBE NEWSWIRE) -- Freddie Mac(OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the average 30-year fixed-rate mortgage dropped 22 basis points.

Sam Khater, Freddie Mac’s chief economist, says, “The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years. Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.”

News Facts...