Mortgage Rates Dropped Again on Weaker Economic Data

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After staying more or less flat for the previous two weeks, mortgage rates were back on the decline this week, with the average rate for a 30-year fixed-rate mortgage falling to 3.49%, down from 3.58% last week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time the average rate for a 30-year was 4.54%.

The decrease brought the average rate for a 30-year to its lowest level since October 2016, Freddie Mac says.

The average rate for a 15-year fixed-rate mortgage was 3.00%, down from 3.06% last week, as per the survey.

A year ago at this time, the average rate for a 15-year was 3.99%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.30%, down from 3.31%.

A year ago at this time, the average rate fo a five-year ARM was 3.93%.

“Mortgage rates continued the summer swoon due to weaker economic data,” says Sam Khater, chief economist for Freddie Mac, in a statement. “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.”

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