30 Year fixed Mortgage rate falls yet again

This article was last updated on April 16, 2022

The mortgage rate of 30 year fixed dropped to an all time historic low for the fourth week running and if reports are to believed then it will further take a dip in the coming weeks.

The 30 year fixed mortgage rate dropped was recorded at 4.09 last but it has dropped down to 4.01 this week. This is the lowest it has gone since its start in 1971. The year 1951 was the last time when the long term mortgage rates were this low. Back then the period of loans were 20 to 25 years on fixed rate.

The 15 year fixed mortgage rate has come down to 3.28 percent which the economists say is the lowest ever.

Mortgage rates are likely to track the yield on the 10-year Treasury note. The 10-year yield has risen this week to near 2%. A week ago, it hovered around 1.74 percent, which is the lowest level since the Federal Reserve Bank of St. Louis started the trend of keeping daily records back in 1962. In July, the 10-year yield exceeded 3 percent.

Federal Reserve stated last week that the rates will further decrease as they will take necessary measures to bring the long term mortgage rate lower.

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