“Rates are low, but does it matter if you can’t find anything you can afford?”
Mortgage rates dropped significantly over the past week as concerns related to the ongoing trade dispute with China and the overall health of the economy dominated headlines.
The 15-year fixed-rate mortgage also dropped 15 basis points to an average of 3.05%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.36%, representing a decline of 10 basis points. Ultimately, the low supply of homes available for sale will at least partially stymie any boost low mortgage rates would otherwise give to the housing market.
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