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Mortgage rates at the lowest level for this year

  • Mortgage 30-year benchmark mortgage rate fell by 10 basis points and to 4.31% in the week ending March 14;
  • The 15-year fixed rate fell to 3.76% from 3.83%, while the 5-year hybrid adjustable-rate mortgage fell to 3.84% from 3.87%;
  • Analysts blame Brexit for the drop in mortgage rates.

With mortgage rates being at the yearly lows of 4.31% for the 30-year mortgage, and 3.76% for a fixed rate 15-year mortgage, people are trying to find a reason to why this happened.

Chief economist Sam Khater said that “Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower”

With the housing market not performing well either this year, the rates would have to drop even lower to rekindle peoples interest in buying new homes.