The silver lining amid the China trade war? Lower mortgage rates
On the heels of continued trade tensions with China, mixed economic data and volatile markets, there is one silver lining for Americans: Lower home mortgage interest rates.
Earlier this week, the average rate on a 30-year, fixed-rate mortgage fell four basis points, according to Mortgage News Daily.
The dip in mortgage rates is common when cash flows out of stocks and into bonds. The average lender ended the day with the lowest rates in more than a year, according to the report.
And, if bond markets hold steady on Friday, mortgage rates are expected to be even lower.
Here are the most prevalent rates as of Thursday:
- 30YR FIXED – 4.0-4.125%
- FHA/VA – 4.0%
- 15 YEAR FIXED – 3.875%
- 5 YEAR ARMS – 3.875-4.25% depending on the lender