Mortgage Rates Fall to a Two-Month Low

Mortgage rates took a dip recently, falling into a two-month low. According to an article on the Bloomberg website, the average rate for a 30-year fixed mortgage was 4.32 percent this week, which was down from 4.39 percent. Additionally, the average 15-year rate dropped to 3.40 percent from 3.44 percent.

The drop in mortgage rates resulted lower borrowing costs for homebuyers before a Federal Reserve move that further scales back stimulus measures. These measure have helped keep home loans inexpensive.

The outlook is bright due to an improvement in the labor market and a recent drop in the unemployment. The labor market has a direct affect on the housing market, so the future seems promising. Any increase should be modest, though.