Mortgage rates fell to 3.61 percent on an average for 30-year fixed loans, down from 3.66 percent last week. Rates have held below 4 percent all year and have been trending lower since March, giving house hunters a leg up going into peak home-buying season.
Fed Chair Janet Yellen and her team left that rate unchanged at their meeting last month.
“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” Freddie chief economist Sean Beckettisaid. “Since the start of February, mortgage rates have varied within a narrow range, providing an extended period for house hunters to take advantage.”
Remember, the Fed doesn’t control mortgage rates, but what they do can affect borrowing costs. For now, home loans are really cheap.
