Average fixed mortgage rates hit a new low for the year this week, dropping to below 4 percent.
Freddie Mac reported Thursday that the average interest rate on a 30-year, fixed-rate mortgage this week was 3.97 percent, down from 4.12 percent last week and 4.28 percent in the same week a year ago.
It is the lowest rate recorded in Freddie Mac’s weekly survey since June 20, 2013, when it averaged 3.93 percent.
On a 15-year, fixed-rate mortgage, the average rate this week is 3.18 percent, compared with 3.30 percent last week. A year ago, the average interest rate on that loan was 3.33 percent.
Potential homebuyers and homeowners still seeking to refinance their mortgages can thank a brief dip in 10-year bond yields, to below 2 percent, for the rate decline.
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