Mortgage Lending Has Slowed to A Six Month Low

Mortgage rates are at a low and have been dropping for four weeks, they are now at the lowest they have been in nearly seven months. 

Mortgage buyers from other sources have stated that the 30-year fixed rate mortgage average is was at 3.89% in the week of June 8th. This is down from 3.94%.

USA Fixed-Rate Mortgage For 30 Years

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The rate has been dropped at a steady rate since Donald Trump’s election success. The graph above will confirm these stats.

In March rates were at a high of 4.3%.

There is doubt coming from some people that Trump is unable to persuade congress to motivate people to take out a mortgage. Not to mention that the federal reserve is also expected to be increasing short-term interest rates next week.

For 15-year fixed-rate mortgages the average is 3.16%, which is down from 3.19%. The 5-year adjustable mortgage stayed at 3.11%

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