Mortgage Rates fall for the fourth consecutive week as ten-year treasury tumbles and dow drops 300 points.
The yield on the 10-year Treasury note fell Thursday to its lowest level since 2017, dropping 9.7 basis points to 2.308%. The 2-year and the 5-year treasury fell by ten basis points.
Marking the fourth straight week of trending downward, mortgage rates now sit at lowest point in a year. According to Freddie Mac, a 30-year fixed rate mortgage sits at a4.06% national average.*
One year ago today the average rate reported at 4.66%.
The Dow also dropped 250 basis points Thursday, in part due to the ongoing trade war.
Housing industry experts anticipate a rise in purchase and refinance mortgage activity
as the market continues to play in the favor of homebuyers and homeowners.
The trend is not expected to continue for an extended period and the window to take advantage of the best rates we have seen in a year could be narrow as market conditions may likely level out.
(*Sources: CNBC, Housing Wire, FactSet)