{"id":51680,"date":"2016-07-14T09:17:59","date_gmt":"2016-07-14T16:17:59","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51680"},"modified":"2020-10-06T17:08:15","modified_gmt":"2020-10-07T00:08:15","slug":"mortgage-rates-holding-steady-as-homeowners-rush-to-refinance","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-holding-steady-as-homeowners-rush-to-refinance\/","title":{"rendered":"Mortgage Rates: Holding Steady As Homeowners Rush to Refinance"},"content":{"rendered":"

Mortgage rates held near their 2016 low last week, averaging 3.42 percent for a 30-year, fixed-rate loan. That\u2019s up from 3.41 percent the week before. A year ago, rates averaged 4.09 percent, according to <\/span>Freddie Mac<\/span><\/a>\u2019s weekly survey. <\/span>
\nRates have held below 4 percent for 28 straight weeks and odds are good they\u2019ll extend that streak to beat the record 29-week run of 2014.<\/span><\/p>\n

\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n

What’s going on?<\/strong><\/h3>\n

U.S. homeowners have Britain, Japan and Germany and other countries to thank for our sustained run of cheap borrowing.<\/span>
\n<\/span>
\n<\/span>Mortgages typically get cheaper when interest paid by Treasury bonds – the yield — falls. And yields fall, typically, when people are worried about the economy. Treasury yields hit a <\/span>227-year low<\/span><\/a> last week as worried investors scrambled to find safe havens in the confusion that followed Brexit<\/a>, Britain\u2019s surprise vote to leave the European Union. \u00a0<\/span>
\nBut economic anxiety isn\u2019t the only reason for today\u2019s low rates. After all, the U.S. is still growing and creating jobs<\/a>. <\/span>
\nHere\u2019s another reason. Some investors, such as pension funds and insurers, are required by law to hold bonds, even when bonds pay next to nothing in interest. <\/span>
\nTreasuries are paying next to nothing, but that\u2019s a better return than investors can get elsewhere. In Japan and Germany, for example, bondholders aren\u2019t collecting any interest at all, and some have to actually <\/span>pay<\/span><\/i> interest. <\/span>
\nIt\u2019s called a negative rate, which is like a bank taking money out of your savings account every month instead of paying you interest. You\u2019d probably look for a better savings account. For investors, Treasuries are that better savings account and everyone wants in. <\/span><\/p>\n

So what<\/strong><\/h3>\n

That investor demand is keeping borrowing costs\u00a0cheap, a boon to homeowners and buyers. Last week, lenders faced another rush of mortgage refinancing applications, <\/span>the <\/span>Mortgage Bankers Association<\/span><\/a> reported. <\/span>
\nMortgage rates will tick up and down week to week, but they\u2019re holding near the record 3.31 percent and will stay there for the foreseeable future.<\/span><\/p>\n

\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Rates have held below 4 percent for 28 straight weeks. Odds are good they\u2019ll extend that streak to beat the record.<\/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],"coauthors":[],"class_list":["post-51680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nMortgage Rates: Holding Steady As Homeowners Rush to Refinance - 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