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Home / Business / US long-term mortgage rates fall sharply: 30-year low of 3.60%

US long-term mortgage rates fall sharply: 30-year low of 3.60%



WASHINGTON – US long-term mortgage rates fell sharply this week, with the 30-year benchmark loan touching the lowest level since November 2016.

Financial markets around the world have been whipped by fear of the US-China war, sending investors on the run from equities to collateral for bonds and push interest rates on bonds to record low amounts.

Loan buyer Freddie Mac said Thursday that the average interest rate on the 30-year mortgage has dropped to 3.60% from 3.75% last week. One year ago, the interest rate was 4.59%.

The average interest rate for 15-year fixed-rate mortgages fell to 3.05% from 3.20%.

The roiling markets reflected fears that US-China trade tensions could erode global economic growth. Before Monday's fall of 3% in the S&P 500 US stock index, investors had not seen a loss of even half the size since mid-May.

Last Thursday, President Donald Trump rattled the markets as he promised to introduce tariffs in September. 1

on another $ 300 billion in Chinese imports that have not already been taxed. China struck back on Monday, weakening its yuan against the dollar. The weaker currency negated some of the effects of US tariffs, but created the risk that countries could start competing with their currencies, destabilizing markets and the economy.

Also last week, the Federal Reserve reduced its reference rate for the first time in a decade. The Fed implemented the quarterly interest rate with a view to counteracting the impact of Trump's trade war, stubbornly low inflation and global economic weakness. The risk of a recession in the US is still relatively low.

Fed Chairman Jerome Powell provided the opportunity for future interest rate cuts, but perhaps not as many as Wall Street had hoped. The Fed's interest rate cut wiped out some of its credit tightening from last year, when interest rates were raised four times.

Freddie Mac examines lenders across the country between Monday and Wednesday each week to compare mortgage rates.

does not include additional fees, known as points, that most borrowers have to pay to get the lowest rates.

The average fee for 30-year fixed-rate mortgages was unchanged this week at 0.6 points.

The average fee for the 15-year mortgage was also stable, at 0.5 points.

The average interest rate for five-year adjustable-rate loans fell to 3.36% from 3.46% last week. The fee dropped to 0.3 points from 0.4 points.

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