Mortgage Rates Tumble
Mortgage rates slid again by 5 basis points to their lowest level in 13 months, giving buyers and refinancers more time to save on new home loans. The good news on rates came as the Federal Reserve indicated there would be no more rate hikes in 2019.
The benchmark 30-year fixed-rate mortgage fell this week to 4.44 percent from 4.49 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.58 percent. Four weeks ago, the rate was 4.52 percent. The 30-year fixed-rate average for this week is 0.66 percentage points below the 52-week high of 5.10 percent, and is identical to the 52-week low of 4.44 percent.
Though rates are down, new home buyers may still be frustrated by a tightening down of credit requirements and the lack of available housing.