30-Year Mortgage Rate Falls to Its Lowest Level in 3 Years

Strategic Lending - mortgage keyboard

This week The Washington Post published an article about mortgage rates dropping and the continued economic uncertainty that is largely driving the rate drop.

According to Freddie Mac, the 30-year fixed-rate mortgage rate average fell to 3.55% from 3.6% which turns out to be the lowest number since November of 2016.

The 15-year fixed-rate also decreased from 3.07% to 3.03%. The 15-year fixed-rate was up almost an entire percent a year ago.

“This is great news for buyers since lower mortgage rates make buying much more affordable,” said Daryl Fairweather, chief economist for Redfin real estate brokerage.

The negative to all of this (you may have noticed if you are currently in the middle of a loan) is turn times and loan approvals are taking quite a bit longer to get done. The refinance market has been flooded with loan applications causing approvals to take much longer because the demand is so high.

The amount of refinance mortgage activity is currently representing 62.7% of all applications according to The Washington Post.

To read the full article:

Like this post?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest
Email to Friend
Print it

read other posts...

Let’s Meet

Receive a Free and Customized Real Estate Income Estimate

Collaborate with a dedicated On-boarding Specialist who will work with you and for you, and provide a free, customized Real Estate Income Estimate (REIE). Your Estimate will show you how you can begin generating real income with simple and conservative real estate investments, one property at a time, starting right away with the resources you already have. This brief conversation will answer your questions, unlock the investment purchasing process, deliver practical ideas of how real estate “done for you” could have an immediate impact on your financial life, while providing clear guidance, and customized recommendations to assist you with your financial future. This conversation only takes a few minutes but can change the trajectory of your financial future. Enter your info to get started.
Play Video
By clicking the Schedule A Call button, I agree that I am providing authorization to Done For You Real Estate USA, The Companies, LLC, Strategic Lending, Inside Insurance, or third parties that perform functions on our behalf or for our clients, and for which The Companies, LLC may receive compensation, to contact me for telemarketing and informational purposes at the telephone number provided, even if I have previously registered on a corporate, state or national Do Not Call registry. I have authority to provide this consent because I am the subscriber of the telephone number or I am a customary user who has authority to consent to these communications. I also agree that Done For You Real Estate USA, may contact me using text messages, even if the number is connected to a service for which I am charged. I understand that I am not required to provide consent as a condition of purchase, or loan consideration or approval. Msg & data rates may apply.
Replace Your Income Podcast - Steve & Kevin Podcast Banner

Check out the new top rated

Replace Your Income


DFY Real Estate - Full Size logo (Top White & Orange)

We use cookies to improve user experience and analyze website traffic. For these reasons, we may share your site usage data with our analytics partners, but we do NOT sell your data to any third parties. Feel free to read our Terms and Conditions and Privacy Policy to learn more.