Mortgage rates are flirting with another record low — and that means the boom in refinancing has not yet finished.
The 30-year fixed-rate mortgage averaged 2.87% for the week ending Oct. 8, down one basis point from the week prior, Freddie Mac (FMCC)reported Thursday. A few weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.
The 15-year fixed-rate mortgage rose by a basis point to an average of 2.37%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped one basis point to 2.89% on average.
Mortgage rates usually roughly follow the direction of the 10-year Treasury note’s yield (BX:TMUBMUSD10Y) which trended upward this week. That’s not what happened this week, though.
“Typically, Treasury yields and mortgage rates have a close relationship, with
(Bloomberg) — Surging demand pushed U.K. house-price growth to the highest level in four years as city dwellers sought homes with bigger backyards.
Inquiries, sales and new listings all rose in August, according to the Royal Institution of Chartered Surveyors. Its measure of price gains was the highest since 2016, and property agents said they expect homes with outdoor space will become even more desirable as more people work remotely.
The report comes amid concerns that the bounceback from the coronavirus is under threat from renewed outbreaks, the end of government subsidies and a