According to Freddie Mac, the rate on 30-year fixed-rate loans went down to 4.09% from 4.12 the previous week, but is still higher than the average rate of 3.65% last year – when rates were the lowest since 1971. The benchmark rate last year was 3.81%.
There was also a decline for 15-year mortgage rates, with the average going down to 3.34% from last week’s 3.37%.
Following President Donald Trump’s election win in November, mortgage rates went up as Treasury yields rose on the belief that Trump’s tax cut plans and increased spending on infrastructure will boost economic growth and inflation.
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After a nine-week long run of increases, fixed mortgage rates have declined for the third week in a row, according to a USA Today report.