Mortgage rates are declining. Time to buy or refinance? Contact our loan agent in San Ramon.

Mortgage rates and home refinancing San Ramon

Mortgage Rates Declining

U.S. mortgage rates fell, with the 30-year average dropping to a three-month low, as investors exited stocks and commodities for the safety of government bonds.

The average rate for a 30-year fixed mortgage was 3.81 percent, down from 3.92 percent last week, Freddie Mac said in a statement Thursday. It was the lowest since late October. The average 15-year rate fell to 3.1 percent from 3.19 percent.

The collapse of oil prices, which are at a 12-year low, and anxieties over falling stocks drove down yields for the government bonds that guide mortgage costs. Yields on the benchmark 10-year note declined to their lowest level since October.

The housing recovery lost momentum toward the end of 2015. New-home construction in the U.S. unexpectedly fell in December, dropping 2.5 percent to a 1.15 million annualized rate, according to a Commerce Department report Wednesday. Contracts to purchase previously owned U.S. homes slumped in November, declining 0.9 percent after a revised 0.4 percent gain the prior month.

Contact our home loan agents in San Ramon for home mortgage loan and mortgage refinancing.

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