Mortgage Rate History
Mortgage rates continue their downward trend, even after the Federal Reserve announced Wednesday a plan to continue to tighten monetary policy.
According to Freddie Mac, the national 30 yr fixed averaged remains at 4.62% today, which marks the eighth consecutive week that the benchmark has either remained flat or declined.
With recent financial market turmoil and the investor response to the Fed's December meeting, mortgage rates may continue their decline in the coming months. Mortgage rates backing off their early to mid 2018 highs have lead to increased mortgage applications as of late. Rising mortgage applications could be a harbinger that the recent housing market slowdown may prove to be temporary.
Historical Mortgage Rates
With mortgage rates increasing in 2018 from their all time lows in 2012 through 2017, it is important to consider the historical perspective. According to Freddie Mac annual data, mortgage rates are still extremely low compared to the 1990s and early 2000s. If that trend can continue in the coming months, 2019 could be a strong year for the US housing market.
