As your 401K swirls around the ridge of your dual flush toilet, at least you can rejoice in the fact that mortgage rates have gone down once again. That’s good news for those patient yet nervous folks looking to refinance in the coming months.
According to Freddie Mac’s survey released Thursday, U.S. fixed-rate mortgages fell for the third straight week. The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.04% in the week ending Thursday, down from last week’s 6.14% and the year-ago 6.20%.
Can you guess the reason why? Here’s what Frank Nothaf, Freddie Mac vice president and chief economist, had to say, “Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy.” Are we headed down even lower?
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