U.S. Mortgage Rates Hit New Lows
U.S. 30-year fixed mortgage rates have just hit a new multi-year low, the lowest levels since November 2012 when the 30-year fixed made its all-time low of 3.31% shortly after the Federal Reserve announced “QE3”:
Long Term Chart of 30-year Fixed Rate Mortgage Yields
The proximate cause for this drop in mortgage rates is that the probability of a Fed rate hike has fallen substantially in recent months. In fact, there is now a greater chance of a rate cut than there is of a rate hike before year end.
Co-authored with Maggie Sadowska of MegaLuxe Homes
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