Mortgage rates are dropping.
“In December, when the Federal Reserve raised rates for the first time in nearly a decade, many would-be homebuyers assumed it meant the beginning of the end for record-low mortgage rates.
“‘This is evidence that the Federal Reserve isn’t the sole determinant of U.S. mortgage rates,’ said Mark Hamrick, senior economic analyst at Bankrate.
“The 30-year mortgage rate fell to 3.79%, the fourth straight week of declines, according to Freddie Mac. A year ago, the rate averaged 3.66%.
“The rate on a 15-year fixed mortgage also dropped to 3.07%…
“…But tight inventory has helped push home prices higher, creating an affordability problem in many markets throughout the country.
“In response to the lower rates, mortgage applications ticked up 8.8% last week.”
Read the rest of CNN’s article here: money.cnn.com/2016/01/28/real_estate/mortgage-rates-fall
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