Mortgage Rates Drop 1% Since November

The Washington Post

After five weeks of declines, mortgage rates are at their lowest levels in 16 months.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 3.99 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 4.06 percent a week ago and 4.56 percent a year ago. The 30-year fixed rate moved below 4 percent for the first time since January 2018.

The 15-year fixed-rate average fell to 3.46 percent with an average 0.5 point. It was 3.51 percent a week ago and 4.06 percent a year ago. The five-year adjustable rate average dropped to 3.60 percent with an average 0.4 point. It was 3.68 percent a week ago and 3.80 percent a year ago.