{"id":50556,"date":"2016-06-09T09:31:14","date_gmt":"2016-06-09T16:31:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=50556"},"modified":"2020-10-06T17:08:16","modified_gmt":"2020-10-07T00:08:16","slug":"mortgage-rates-down-for-first-time-in-four-weeks","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-down-for-first-time-in-four-weeks\/","title":{"rendered":"Mortgage Rates: Down For First Time In Four Weeks"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Mortgage rates fell for the first time in four weeks, <\/span><span style=\"font-weight: 400;\">averaging 3.60 percent, down from 3.66 percent. That&#8217;s a big drop. A year ago at this time, the average 30-year, fixed-rate home loan was 4.04 percent<\/span><span style=\"font-weight: 400;\">, according to <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/\"><span style=\"font-weight: 400;\">Freddie Mac<\/span><\/a><span style=\"font-weight: 400;\">. \u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">Rates on home loans have been below 4 percent all year and have averaged less than 3.7 percent for the past 10 weeks, a boon to <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/05\/mortgage-rates-are-low-so-why-arent-homes-more-affordable-the-conundrum-of-cheap-money.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400;\">both buyers and sellers<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"media-50567\" class=\"align-none\">\n<figure style=\"width: 1125px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/06\/rates-2016June9-1-2.png\" alt=\"rates-2016June9 (1) 2\" width=\"1125\" height=\"724\" \/><figcaption class=\"wp-caption-text\">Source: Freddie Mac<\/figcaption><\/figure><br \/>\n<\/figure>\n<figure id=\"media-50563\" class=\"align-none\"><\/figure>\n<figure id=\"media-50557\" class=\"align-center\"><\/figure>\n<p><span style=\"font-weight: 400;\">Borrowing got cheaper for homeowners after last week\u2019s employment report, which showed the economy created only 38,000 jobs in May, <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/06\/todays-jobs-report-disappointment-head-fakes-and-low-mortgage-rates.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400;\">a big disappointment<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><br \/>\n<span style=\"font-weight: 400;\">&#8220;Growing optimism about the state of the economy was quickly erased with May&#8217;s employment report,\u201d Freddie chief economist Sean Becketti said. \u201cThe disappointing release caused an immediate flight to quality resulting in the 10-year Treasury yield dropping 10 basis points on Friday. The 30-year fixed-rate mortgage responded by falling 6 basis points to 3.60 percent.\u201d<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400;\">Federal Reserve Chair Janet Yellen signaled on Friday that her team, out of an abundance of caution, isn\u2019t likely to raise their benchmark rate when Fed policymakers meet next week. In a speech, she sounded <\/span><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/yellen20160606a.htm\"><span style=\"font-weight: 400;\">an upbeat note<\/span><\/a><span style=\"font-weight: 400;\"> on housing. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cBoth home sales and construction have been gradually improving,\u201d Yellen said. \u201cHousing has been supported by low mortgage rates, and while mortgage credit is still difficult to obtain for households with low credit scores or hard-to-document income, those with good credit histories are generally able to borrow at very favorable terms.\u201d<\/span><\/p>\n<h3>The upshot<\/h3>\n<p><span style=\"font-weight: 400;\">Policymakers and markets are skittish about the economy\u2019s uneven growth and many people are worried about potential <\/span><a href=\"http:\/\/www.bbc.com\/news\/uk-politics-32810887\"><span style=\"font-weight: 400;\">shocks to the system<\/span><\/a><span style=\"font-weight: 400;\"> coming down the pike. But for now, the U.S. housing market is reaping the benefits of that unease &#8212; cheap rates.<\/span><\/p>\n<figure id=\"media-50569\" class=\"align-none\">\n<figure style=\"width: 1206px\" class=\"wp-caption alignnone\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/06\/rates-big-picture-2016June9-1.png\" alt=\"rates-big-picture-2016June9\" width=\"1206\" height=\"750\" \/><figcaption class=\"wp-caption-text\">Source: Freddie Mac<\/figcaption><\/figure><br \/>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Skittishness about the economy has a silver lining for homebuyers.<\/p>\n","protected":false},"author":13355,"featured_media":49290,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-50556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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