HOUSTON – (Realty News Report) – Mortgage rates have hit their lowest point since October 2016, with the 30-year fixed-rate mortgage rate averaging 3.49 percent, according to Freddie Mac.
The 3.49 percent average for the week ending Sept. 5, was down from last week when it averaged 3.58 percent. A year ago at this time, the 30-year mortgage averaged 4.54 percent.
“Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers,” said Sam Khater, Freddie Mac’s Chief Economist. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.”
The 15-year mortgage averaged 3.0 percent. A year ago at this time, the 15-year mortgage averaged 3.99 percent.