Home Business US mortgage rates post biggest drop in decade – AOL

US mortgage rates post biggest drop in decade – AOL

11 min read
0
89
Loading...
 

WASHINGTON — Purchasing a home just became a lot cheaper, thanks mostly to the Federal Reserve’s decision to put its interest rate hikes on hold for now.

Mortgage buyer Freddie Mac says the average 30-year fixed rate mortgage plunged to 4.06 percent this week, down from 4.28 percent last week. That’s the steepest weekly drop in a decade. 

RELATED: Take a look at the top HGTV homes to hit the market in 2018:/p>

23 PHOTOS

2018 HGTV Dream Home hits the market

See Gallery




HIDE CAPTION

SHOW CAPTION

of


SEE ALL


BACK TO SLIDE

Last week, Fed chairman Jerome Powell said the U.S. economy faces several headwinds, including slowing global growth, a trade war with China, and fading impacts of last year’s tax cuts. Fed policymakers signaled they were unlikely to raise rates this year, after projecting two hikes in December.

Lower mortgage rates, slowing home price increases and a pickup in the number of available homes appear to be rejuvenating home sales after a slowdown last year.

Let’s block ads! (Why?)


Source link

Loading...
 

Check Also

Up close with Ford’s electric Mustang SUV, the Mach-E – The Verge

Loading...   Ford just pulled the wraps off of the Mustang Mach-E, an all-electric SU…