Mortgage Rate Drop Sharply

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Mortgage Rate Drop Sharply

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Mortgage Rate Drop

11/26/2018 - Despite a year of rising rates on home loans, last week saw a sharp decrease in both the 30-year, and 15-year fixed-rate mortgage. The drop in rates was the largest since the beginning of 2015 and caused by a financial shakeup in global markets.

Rates have gone up considerably in 2018 rising on average from 3.99% in 2017 to 4.53% in 2018(source marketwatch). The drop in rates last week was a good thing for those looking to buy a home, as it makes buying a home a little cheaper.

There is still a lot of uncertainty as to if the rate drop will stick or if rates will go up again. The Federal Reserve meets again in December and could announce another rate hike which would most likely push Mortgage rates higher.

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* Information contained in this article is for educational purposes only. Please speak to a certified financial counselor for personalized advice.