Mortgage rates reach 16-month low

The average mortgage rate has continued to decline. Next: Unique homes for sale in Houston's historic districts The average mortgage rate has continued to decline. Next: Unique homes for sale in Houston's historic districts Photo: Houston Association Of Realtors Photo: Houston Association Of Realtors Image 1 of / 137 Caption Close Mortgage rates reach 16-month low 1 / 137 Back to Gallery

Mortgage rates have been drifting downward since the end of 2018, and have now reached a 16-month low.

According to Freddie Mac's weekly mortgage survey, the average rate for a 30-year fixed-rate mortgage is 4.06 percent, an 18 percent drop from its recent peak in November.

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The drop in interest rates could spur homebuying at the upper end of the market, said Freddie Mac in its recent report, "as more affluent consumers are typically more responsive to declines in rates."

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