Mortgage rates drop to 3.5%

In last week’s Why aren’t mortgage rates even lower? I wrote: “History suggests that either the yield on the (US Treasury 10-year Note) 10T is going to rise or the (30-year Fixed rate Mortgage) FRM rate fall.”

Both occurred this week, with the yield on 10T increasing 7 basis points (0.07%) and the FRM rate dropped another 9 basis points (0.09%) to 3.49%.

In its weekly commentary Freddie Mac wrote: “Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.”

Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

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