Mortgage Rates Drop to 1 Year Low!

According to BankRate.com:

The benchmark 30-year fixed mortgage rate fell to 4.4 percent, the lowest point in over 13 months.

The benchmark 30-year mortgage rate plummeted 27 basis points this week, the biggest weekly drop in a decade, creating a huge affordability window for homebuyers and homeowners looking for a mortgage refinance, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.

“Worries about slowing economic growth — both domestically and abroad — and the inversion of the Treasury yield curve put investors into semi-panic, bringing bond yields still lower after the Fed indicated no more rate hikes in 2019,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

The last time the benchmark 30-year rate was below this level was Jan. 3, 2018 when it hit 4.10 percent, according to Bankrate’s historical data.

This is great news for any home buyers interested in a new home during the spring season blowout period.