There’s seemingly no bottom to how far mortgage rates will go lately.
Mortgage rates fell to another all-time low in the middle of October, following a 1 basis point drop the week before.
Compared to one year ago, rates are down by 88 basis points. One basis point is a one-hundredth of a percent.
Other economic factors, which can impact rates, show mix results. Inflation held steady while consumer prices and wholesale prices experienced modest increases in September.
The mixed bag of factors, and a lack of new federal stimulus, can weigh on treasury yields and mortgage rates.
Nevertheless, mortgage rates remain on track. Freddie Mac reports that the 30-year fixed rate fell by six basis points. The 15-year fixed rate fell by two.
Freddie Mac also noted that refinance activity is roaring as consumers benefit from the 10th record low this year.
According to the Mortgage Bankers Association, refinance and purchase activity continue to surpass last year’s pace, but housing supply remains a concern for some future homebuyers.
If you are interested in purchasing a new home in Placer County, contact us today.