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Rates Drop to 3-Year Low

Mortgage News > Rates Drop to 3-Year Low
Date: 02/11/2020    Rates Drop to 3-Year Low

Interest rates on 30-year fixed-rate mortgages fell to the lowest level since October 2016, according to Freddie Mac, a move likely to increase home purchase demand even more. The average rate on a 30-year fixed-rate mortgage decreased to 3.45% with an average 0.7 point for the week ended February 6, 2020, down from 3.51% last week and 4.41% a year ago. Rates on 15-year fixed mortgages also dropped to a 3-year low, to 2.97% with an average 0.7 point, down from 3.00% a week earlier and 3.84% last year.

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