The average rate of a 30-year fixed mortgage fell to 4.08% this week, the fourth consecutive week of declines and the lowest level this year, according to Freddie Mac.
A higher Federal Funds rate makes it more expensive for banks to borrow money, which can translate into higher borrowing rates for consumers. But recent global uncertainty and signs that the White House might not be as productive with its agenda as many thought has caused yields to recently fall. The 10-year Treasury yield is around 2.23%, down from around 2.62% nearly a month ago. Mortgage rates have moved lower as well.
Freddie Mac predicts that we will see rates increase to around 4.5% by the end of the year. Potential home buyers should welcome the drop in rates with open arms as the busy buying season heats up.
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