The average 30-year mortgage rate has decreased to 3.43%, encouraging refinancing activity, which is up over 50% compared to last year. This rate is also considerably lower than both last year's average of 3.91% and the pre-Fed rate hike level of 3.97%. The drop in rates aligns with the Federal Reserve's recent decision to maintain the target Federal Funds Rate, leading to reduced expectations for further rate hikes this year. Overall, purchase activity has seen a slight increase of 6%.
Having ticked up over the past three weeks, the average rate for a benchmark 30-year mortgage has dropped to 3.43 percent, which is down 5 basis points over the past week and within 12 basis points of the all-time low rate of 3.31 percent recorded in November 2012.
And with the current average rate 48 basis points below the 3.91 percent average rate recorded at the same time last year, and 54 basis points below the 3.97 percent rate in place prior to the Fed's first rate hike in December, refinancing activity is up over 50 percent versus the same time last year.
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