According to Bankrate.com, the benchmark 30-year fixed-rate mortgage tumbled 7 basis points this week to 3.77 percent, according to Bankrate’s weekly national survey of large lenders.
This drop in rates comes ahead of next week’s first Federal Open Market Committee (FOMC) meeting of the year, where the Fed is expected to leave rates unchanged. Experts are eyeing the bond markets for signs of mortgage-rate movement, but rates have been in a narrow range for several months. This is good news for homebuyers and refinancers, alike.
“Even with more positive developments surrounding the U.S. and China trade negotiations and healthy retail sales data, investors seemed cautious and maintained their demand for safer U.S. Treasuries, which kept yields lower,” says Joel Kan, associate vice president of economic and industry forecasting for the Mortgage Bankers Association (MBA), in a statement. “Our expectation is that rates will stay along this same narrow range.”
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