Mortgage rates reach 16-month low

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Mortgage rates reach 16-month low https://www.chron.com/business/real-estate/article/Mortgage-rates-reach-16-month-low-high-budget-13879327.php

By R.A. Schuetz

Updated
  • Mortgage rates reach 16-month low

    The average mortgage rate has continued to decline. Next: Unique homes for sale in Houston's historic districts

    The average mortgage rate has continued to decline. Next: Unique homes for sale in Houston's historic districts

    Photo: Houston Association Of Realtors
Photo: Houston Association Of Realtors

The average mortgage rate has continued to decline. Next: Unique homes for sale in Houston's historic districts

The average mortgage rate has continued to decline. Next: Unique homes for sale in Houston's historic districts

Photo: Houston Association Of Realtors

Mortgage rates have been drifting downward since the end of 2018, and have now reached a 16-month low.

According to Freddie Mac's weekly mortgage survey, the average rate for a 30-year fixed-rate mortgage is 4.06 percent, an 18 percent drop from its recent peak in November.

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The drop in interest rates could spur homebuying at the upper end of the market, said Freddie Mac in its recent report, "as more affluent consumers are typically more responsive to declines in rates."

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