Rate on 30-year mortgage below 4 pct. for 2nd time
Rate on 30-year loan drops to 3.99 percent, just above record low hit 5 weeks ago.
The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history.
Freddie Mac said Thursday the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Five weeks ago, it dropped to a record low of 3.94 percent, according to theNational Bureau of Economic Research.
The average rate on the 15-year fixed mortgage fell last week to 3.30 percent from 3.31 percent. Five weeks ago, it too hit a record low of 3.26 percent.
Refinancing activity jumped more than 12 percent last week from the previous week, to the highest level in a month, according to the Mortgage Bankers Association. But refinancing is down 13.5 percent from a year ago and the four-week moving average for purchase and refinancing mortgage applications is down slightly.
Just five years ago they were closer to 6.5 percent. Ten years ago, they were above 8 percent.
Doug Spiers / Associate Broker
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