Mortgage rates sink to 3-year lows on weak manufacturing data

Source: Kathy Orton, Washington Post (Paid Registration)

After holding steady for a month, mortgage rates plunged to their lowest levels in nearly three years this week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 3.49 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.58 percent a week ago and 4.54 percent a year ago. In less than a year, the 30-year fixed rate has fallen more than 125 basis points. (A basis point is 0.01 percentage point.) It was 4.75 percent in December.

Read Full Article: Mortgage rates sink to 3-year lows on weak manufacturing data

 

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