30-year mortgage rate falls to its lowest level in nearly three years

Economic uncertainty drove mortgage rates down, according to Freddie Mac data released Thursday, with the popular 30-year reaching its lowest level in nearly three years.

The 30-year fixed-rate average fell to 3.55 percent from 3.60 percent — the lowest since November 2016 — with an average 0.5 point. (Points are fees — equivalent to 1 percent of the loan amount — paid to a lender on top of the interest rate.) It averaged 4.51 percent a year ago.

Ronald Dwyer / Realtor

The 15-year fixed-rate average fell to 3.03 percent from 3.07 percent with an average 0.5 point. It averaged 3.98 percent a year ago. The five-year adjustable rate average decreased to 3.32 percent from 3.35 percent with 

"The drop in interest rates to a 3 year low, is fantastic news for buyers since lower mortgage rates make buying much more affordable," said Ronald Dwyer, a veteran Realtor with DwyerProperties.com powered by 3DX Real Estate. "Home prices have gone up anywhere from three percent to 6 percent and some areas higher in the past year in the Metro Detroit area, so these lower interest rates really help new home buyers  Now is the time to buy!"