Benchmark Mortgage Rate Drops to a Near 3-Year Low

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Benchmark Mortgage Rate Drops to a Near 3-Year Low
Benchmark Mortgage Rate Drops to a Near Year Low


On the heels of the Fed having eased rates last week, the average rate for a 30-year mortgage has dropped 15 basis points to 3.60 percent, which is now 134 basis points (1.34 percentage points) below its mark in the fourth quarter of last year and within 18 basis points of a three-year low.

At the same time, the average rate for a 15-year fixed mortgage dropped 15 basis points to 3.05 percent, which is 100 basis points below its mark at the same time last year, and the average rate for a 5-year adjustable dropped 10 basis points to an inverted 3.36 percent, which is 54 basis point below its mark at the same time last year.

And according to an analysis of the futures market, the probability of the Fed easing rates for a second time this year is now up to 100 percent.





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