Mortgage Rates Continue Downward Trend

Mortgage Rates

Spurred by weaker economic data, rates on a 30-year fixed-rate mortgages fell in the latest week to the lowest point since October 2016, according to Freddie Mac. The average rate dropped to 3.49% with 0.5 point, down from 3.58% and down from a year ago when it averaged 4.54%. Rates followed 10-year Treasury bond yields that fell amidst reports of slowing in the manufacturing and trade markets.