Mortgage Rates Drop for Second Week with 30-Year at 3.76%
According to Bloomberg News, mortgage rates in the United States dropped as markets across the globe dwindled as Russia continued to strike Ukraine.
What’s the whole story? For a 30-year old loan, the average was 3.76%, down from 3.89% in the last week, as stated by Freddie Mac in a statement on Thursday. This was the second straight drop for the rates, keeping a tab on yields from the 10-year Treasuries, which slid this week to the lowest since January. The war in Ukraine has sent the financial markets into turmoil and given rise to a tendency to take refuge in safer assets like US government bonds. This drop has hopefully given some respite to the prospective home-buyers following weeks of mortgage rates that have been rising. The double burden of the rising cost of borrowing coupled