Good morning all! Rate fell to 4.64 percent from 4.80 percent, which should be great news for home shoppers, as this dip present a chance to lock in favorable rate. Mortgage rates tend to follow the 10-year Treasury yield, which dropped to 2.77 percent on Tuesday before rebounding to 2.84 percent on Wednesday. A year ago, 30-year fixed rates averaged 3.95%.
Attributed to Sam Khater, Chief Economist, Freddie Mac -- “Rates on home loans so far in 2018 have had the most sustained increase to start the year in over 40 years. Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share since Freddie Mac began tracking this data for a full year in 1972. That is your mortgage rate in a minute. Have a fantastic day!
Source: Rossaltman & Bankrate
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