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Mortgage Rates Plunge to 2017 Low

Rates for home loans sank to their lowest level of the year this week as inflation remained stubbornly low and fears about a possible government shutdown mounted, mortgage provider Freddie Mac said Thursday. Photo provided by Luke Sharrett/Bloomberg via Getty Images. The 30-year fixed-rate mortgage averaged 3.86% during the August 24 week, down three basis points to a nine-month low. The 15-year fixed-rate mortgage averaged 3.16%, unchanged during the week. The 5-year Treasury-indexed adjustable-rate mortgage averaged 3.17%, up one basis point. Those rates don’t include fees associated with obtaining mortgage loans. The 30-year fixed-rate mortgage followed the path of the 10-year Treasury yield, which sank six basis points during the week, moving opposite of its price. The benchmark note’s yield recorded its biggest single-day selloff in over ...

Mortgage Rates Fall to 2017 Lows

Mortgage rates declined last week to their lowest level in 2017, a move that could help fuel buyer demand at a time when the supply of homes already is under strain. The rate for a 30-year mortgage fell to 3.88% in the week ended Thursday, down from a week earlier when it averaged 3.9%. That was well above a year ago, when it averaged 3.48%. Economists had widely predicted mortgage rates to rise to around 4.5% by the end of this year. That looks increasingly unlikely. Dimming prospects for the Republican legislative agenda, especially tax reform, have helped keep a ceiling on rates. To be sure, mortgage rates, which tend to track 10-year Treasury yields, are likely to move higher as investors anticipate that short-term ...