As investors sought safety in the bond market as a potential conflict with Iran emerged this past week, mortgage rates dropped to their lowest level since October.
The rate on the 30-year mortgage is nearly a full percentage point lower than it was at this same time a year ago, when rates averaged 4.45%. “Mortgage rates fell to the lowest level in 13 weeks, as investors sought the quality and safety of the U.S. Treasury fixed income markets,” said Sam Khater, Freddie Mac’s chief economist, said in the report. “The drop in mortgage rates, combined with the strong labor market, should propel a continued rise in homebuyer demand.”
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