US Mortgage Rates Drop to Record Low 3.13% for 30-Yr Home Loans

US Mortgage Rates Drop to Record Low 3.13% for 30-Yr Home Loans

$DIA $SPY $QQQ $RUTX $VXX

US mortgage rates fell to a record low for the 4th time since the C-19 coronavirus chaos began disturbing financial markets earlier this year.

The average for a 30-yr fixed-rate home loan was 3.13%, down from 3.21% last week and a low point in almost 50 yrs of data-keeping by Freddie Mac. The previous record was 3.15%, reached late last month.

Rates are headed toward a floor for lenders who have to cover their fixed costs. They have fallen as the Fed holds its benchmark rate at Zero+ and buys MBSs as part of its plan to stimulate the economy.

Low rates have stimulated demand for single family homes. Applications for purchase loans climbed for a 9th week running to the highest mark since January 2009, the Mortgage Bankers Association said Wednesday.

Thursday, the major US stock market indexes finished flat to unchanged as the Bull paused to refresh: DJIA -39.51 to 26080.12, NAS Comp +32.52 at 9943.06, S&P 500 +1.85 at 3115.21

Volume: Trade on the NYSE came in at 1-B/shares exchanged

  • NAS Comp +10.8% YTD
  • S&P 500 -3.6% YTD
  • DJIA -8.6% YTD
  • Russell 2000 -14.5% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias.

Looking Ahead: Investors will receive the Current Account Balance for Q-1 Friday.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge. Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.