(Bloomberg) Mortgage rates fell for the third straight week to hit 5.09% in further promising signs of a cooling market.
The rate, which reflected costs on the 30-year loan in the US, again declined last week to 5.1%
The falling costs are a reprieve for borrowers who were forced to incur high costs following a rise of almost 2 percentage points since the start of the year.
Sam Khater, the chief economist of Freddie Mac, says that although mortgage rates have been falling lately, they remain elevated from last year. He still welcomed the shrinking rates following unprecedented market tightness that has lowered house affordability.
The falling rates come a day after the S&P CoreLogic Case-Shiller Index revealed a price appreciation for houses in the year through March.
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