Mortgage rates are fast approaching 4%, a rate low enough that economists and lenders believe it will help jump-start the housing market again.
The average rate on a 30-year fixed mortgage fell to 4.06% this week, its lowest since January 2018, according to data released Thursday by Freddie Mac, the mortgage-finance giant. The rate was down nearly a quarter point from a week earlier, its biggest drop in over a decade.
In many cases rates are lower than 4%. Lenders advertising mortgages at sub-4% rates this week include Toronto-Dominion Bank, HSBC Holdings Plc and Teachers Federal Credit Union, according to Bankrate.com.