The 30-year fixed-rate average fell to 4.06 percent, its lowest level in 14 months.
By Kathy Orton Kathy Orton Reporter and editor covering the Washington metropolitan area housing market Email Bio Follow March 28 at 10:59 AM Just a handful of months ago, mortgage rates were soaring. Now they are sinking.
The 15-year fixed-rate average sank to 3.57 percent, with an average 0.4 point. It was 3.71 percent a week ago and 3.9 percent a year ago. The five-year adjustable-rate average dropped to 3.75 percent, with an average 0.3 point. It was 3.84 percent a week ago and 3.66 percent a year ago. Global and domestic economic concerns are driving rates lower. The Federal Reserve’s announcement last week that it was taking a cautious approach to increasing its benchmark rate and unwinding its balance sheet rattled investors, which were already concerned about Brexit, the U.S.-China trade war, and slowdowns in the German and Japanese economies.
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