The average 30-year fixed-rate mortgage declined to 3.44% from 3.46% last week, according to Freddie Mac. The average rate is down from 3.90% a year ago, and is close to its all-time low of 3.31% in November 2012
Sept 8 2016 3.44%
Sept 1 2016 3.46%
Sept 2015 3.90%
Nov 2012 3.31%
The 15-year fixed mortgage rate eased to 2.76% from 2.77%.
Adjustable-rate mortgage interest rates also were unchanged in August at an average of 2.75%, essentially unchanged from 2.74 percent in August 2015.
Mortgage rates are expected to remain low in the foreseeable future as weak global economic growth will likely be the norm in the upcoming month.
Homeowners taking advantage of the chance to refinance their mortgages have pushed up refinancing activity. The share of refinancing in overall mortgage activity increased to 64% of total applications in the week ended Sept. 2 from 63.5% the previous week, the Mortgage Bankers Association reported Wednesday.
Washington (AP), September 8, 2016, Press Release