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Mortgage Rates Fall Close to 3-Year Low

Mortgage News > Mortgage Rates Fall Close to 3-Year Low
Date: 08/27/2019    Mortgage Rates Fall Close to 3-Year Low

Rates on long-term mortgage loans fell last week to levels not seen since November 2016, according to Freddie Mac. The average rate on a 30-year fixed-rate mortgage sank to 3.55% with an average 0.5 point, down from 3.60% the week before. One year ago, the average rate was higher at 4.51%. The slide in mortgage rates has led to the largest refinance rush in three years and has also pushed home purchase mortgage applications up by 5% from last year.

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