Overall, average mortgage rates slipped for the third consecutive week following disappointing April employment data.
Average fixed mortgage rates are now at their lowest level of 2016, with the 30-year home loan at 3.58 percent, according to Freddie Mac.
The 30-year mortgage rate is now 28 basis points from its all-time low of 3.31 percent, reached during the week of November 21, 2012.
“Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets.”
Falling mortgage rates are creating a surprising and welcome scenario for the housing market as springtime looms, and as tight inventories are still pushing up prices in many communities.
The bankers’ refinancing market indices altogether increased 16 percent from the previous week. That’s a level not reached in 13 months.
Average mortgage rates slid for the sixth consecutive week thanks in large part to the ongoing market volatility. The average 30-year fixed rate is hovering just above its 2015 low of 3.59 percent.
The 30-year fixed mortgage rate stands at 3.72 percent this week, its lowest point since the week of April 30, 2015 when it averaged 3.68 percent, according to Freddie Mac.
The average 30-year fixed mortgage rate fell to 3.79 percent this week, up from 3.81 percent last week, and that’s the lowest the level since the week of Oct. 29, 2015.
Last month’s turnaround from a weak November is the largest monthly increase ever recorded, the NAR says. Sales are now 7.7 percent above a year ago.