The average 30-year fixed-rate mortgage dropped to 5.58 percent, its lowest level in seven months this week, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates this week are at seven-month lows and teetering on the 45-year low levels of last summer,” said Frank Nothaft, Freddie Mac chief economist. “There continues to be no sign of inflation on the horizon and, as a matter of fact, core inflation is at a generational low. This is good news for housing, as low mortgage rates make homeownership more available to a broader segment of society.”
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