The latest data from government-backed lender Freddie Mac show that the 30-year fixed average dropped to its lowest rate in more than a year, 4.31 percent.
The 30-year fixed rate mortgage was down 10 basis points over the previous week, and 13 basis points annually. In addition, the 15-year fixed-rate average decreased to 3.76 percent, and the five-year adjustable rate average ticked down to 3.84 percent. The Washington Post reports that rates were helped down by "a cascade of discouraging economic news," including the recent U.S. jobs report, lower consumer price levels than previous estimates, and the failure of Great Britain to reach a Brexit agreement, among other things.
“Purchase applications jumped 4 percent last week and were 2 percent higher than a year ago, as improving inventory levels and easing affordability conditions continue to lead to more success for prospective homebuyers,” said Bob Broeksmit, Mortgage Bankers Association president and CEO. “Along with the healthy labor market, the steady decline in mortgage rates so far in 2019 — now at levels not seen since last February — is setting the stage for what we expect to be a solid spring buying season. Purchase activity has now increased year-over-year for four straight weeks.”