Mortgage rates decreased slightly this week after last week’s uptick, in fact, refinances remain high due to the low rates.
“Since the Brexit vote, the refinance share of mortgage activity has remained above 60%,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage decreased to 3.44% for the week ending September 8, 2016. This is down from last week’s 3.46% and last year’s 3.9%.
The 15-year FRM also decreased to 2.76%, down from last week’s 2.77% and last year’s 3.1%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased slightly to 2.81% after last week’s major increase to 2.83%. It is also down from last year’s 2.91%.
“The 30-year fixed-rate mortgage fell 2 basis points to 3.44% this week,” Becketti said. “As mortgage rates continue to range between 3.41% and 3.48%, many are taking advantage of the historically low rates by refinancing.”
In fact, don’t expect rates to increase any time soon. While America grapples with who to vote for in November’s Presidential election, analysts at Goldman Sachs are certain about one thing: the Fed will likely not raise interest rates before votes are casts.