Mortgage rates dipped down once again! The average 30-year fixed rate mortgage currently stands at 3.79% according to government mortgage giant Freddie Mac. This is a bit lower than last week’s average of 3.82%.
Freddie Mac’s chief economist, Sean Becketti, explains that the housing market continues to benefit from these continued low rates, with September sales beating expert predictions. In fact, the National Association of Home Builders’ Housing Market Index registered a ten-year high in October!
Additionally, the average 15-year mortgage (a popular choice for people refinancing) dipped down to 2.98% from 3.03% last week.