Time to buy! Average 30-year mortgage rate falls to new 2016 lows

Time to buy! Average 30-year mortgage rate falls to new 2016 lows

WASHINGTON (AP) – July 8, 2016 – Long-term U.S. mortgage rates fell this week to the lowest level since May 2013, driven down by financial tumult in Europe. Mortgage giant Freddie Mac says the average 30-year fixed rate mortgage fell to 3.41 percent from 3.48 percent a week ago. A year ago, the 30-year rate stood at 4.04 percent. The 15-year mortgage rate dropped to 2.74 percent, down from 2.78 percent last week and 3.20 percent a year ago.

After Britain’s recent vote to leave the European Union, worried investors fled to the safety of U.S. Treasury bonds. Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which fell to 1.37 percent Wednesday from 1.75 percent before the Brexit vote.

The 30-year fixed rate is now close to its all-time low of 3.31 percent in November 2012.

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