Mortgage rates across the United States have dropped slightly, just as the spring home-buying season has kicked into gear.
The average rate on a 30-year fixed mortgage dipped to 4.34% from 4.41% last week, according to the latest survey from mortgage buyer Freddie Mac. At this time last year—when rates hit record lows—the average was 3.43%.
“Mortgage rates eased a bit following the decline in 10-year Treasury yields.” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7%.”
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Source: Rachel Stults (www.realtor.com)
