Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell to 3.88% from 3.98%. That's just above the rate of 3.87% reached in February, the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11% from 3.21% last week. The previous record of 3.13% was hit last month.
Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note. Last week's disappointing report on March job growth led more investors to sell stocks and buy Treasurys, which are considered safer investments. As demand for Treasurys increases, the yield falls.
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