Mortgage Rates Decline for Third Consecutive Week

According to Freddie Mac’s Thursday data, the 30-year fixed mortgage rate decreased again, down to 3.93%, marking the third consecutive week of declines. This decline parallels the 15 year fixed rate and the Treasury-indexed hybrid adjustable rate, both of which declined as well.

“After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday’s jobs report, the last significant release prior to the meeting,” said Freddie Mac chief economist, Sean Becketti, referencing the Federal Open Market Committee’s upcoming meeting.

The quantity of mortgage applications, however, decreased 0.2%, as referenced by the Mortgage Banker’s Association. The FHA share of total applications decreased to 13.2 percent from 13.7 percent the week prior. The VA share of total applications increased to 11.3 percent from 11.0 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.

 

 

 

 

 

 

 

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