{"id":52355,"date":"2016-08-04T09:10:07","date_gmt":"2016-08-04T16:10:07","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=52355"},"modified":"2020-10-06T17:08:14","modified_gmt":"2020-10-07T00:08:14","slug":"mortgage-rates-borrowing-just-got-even-cheaper","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-borrowing-just-got-even-cheaper\/","title":{"rendered":"Mortgage Rates: Borrowing Just Got Even Cheaper"},"content":{"rendered":"

Mortgage rates fell this week for the first time in a month, averaging 3.43 percent for a 30-year, fixed-rate loan, down from 3.48 percent. A year ago, rates averaged 3.91 percent, according to <\/span>Freddie Mac<\/span><\/a>\u2019s weekly survey. <\/span>
\nRates had been going up for most of July, but this week\u2019s dramatic drop erased most of that increase. That’s good for both homebuyers and sellers<\/a>.<\/span><\/p>\n

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

Rates have held below 4 percent for 31 weeks, the second-longest run of cheap borrowing the U.S. has ever had. The record was set from March 2012 to June 2013, when the cost of a 30-year loan held below 4 percent for 65 weeks, hitting a historic low of 3.31 percent in November 2012.<\/span>
\nHomeowners are refinancing in droves and new programs made it <\/span>a little easier<\/span><\/a> for lower-credit borrowers to refinance last month, according to the Mortgage Bankers Association. Refinancing activity is up 55 percent from this time last year. <\/span>
\nRates fell this week after new data showed the U.S. economy growing at a much slower pace than analysts thought. Consumers are taking advantage of cheap borrowing to buy things like cars and houses. But businesses aren\u2019t spending, which is holding the economy back.<\/span>
\n<\/span>
\n<\/span>\u201cIf you can\u2019t borrow money at these rates and find something useful to invest in, what does that say about the prospects for the global economy?\u201d <\/span>Scott Brown<\/span><\/a>, chief economist at Raymond James & Associates, wrote in a note to clients. \u201cHopefully, this is temporary.\u201d<\/span><\/p>\n

The upshot<\/strong><\/h3>\n

Borrowing will remain cheap for now and home <\/span>price growth is slowing<\/a><\/span>. Nationally, housing still hasn\u2019t fully recovered from the credit bubble but the <\/span>National Association of Homebuilders<\/span><\/a> found 97 percent of the market at or above \u201cnormal\u201d levels in the second quarter of this year. <\/span>
\n “With a strengthening economy, solid job growth and low mortgage interest rates, the market should continue on an upward trajectory throughout the rest of the year,\u201d NAHB Chairman Ed Brady said.<\/span>
\nMortgage rates fluctuate constantly, but expect them to stay comfortably low for a while.
\n<\/span><\/p>\n

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

 
\n\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Home loans got more expensive in July, but this week\u2019s drop all but reversed that increase.<\/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":[66,32,74],"coauthors":[],"class_list":["post-52355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-agents","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nMortgage Rates: Borrowing Just Got Even Cheaper - 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