The 30-year fixed rate average dropped to 3.94 percent this week, a new low for the year. Rates were 3.95 percent last week, but 3.66 percent a year ago. The 15-year fixed rate average is 3.19 percent, the same as the week before.
The Washington Post reports that mortgage rates have flattened as the industry awaits two key events: the employment report, which will be released today, and the Federal Reserve meeting in two weeks. Rates may rise if the jobs report is positive, and the Fed is almost certain to raise its benchmark rate.
However, half of the experts surveyed by Bankrate.com said that they believe that rates will continue to fall over the coming weeks.
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