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3.91: Mortgage Rates Set Record Low Yet Again

  • December 22nd 2011

by Shilpi Paul

3.91: Mortgage Rates Set Record Low Yet Again: Figure 1

Long-term mortgage rates set an all-time record low this week, with Freddie Mac reporting 3.91 percent with an average 0.7 point as the average on a 30-year fixed mortgage, the lowest rate since tracking began in 1971. Rates have been at or below 4 percent for the past eight weeks, and matched the previous record low of 3.94 percent last week.

From Freddie Mac vice president and chief economist Frank Nothaft:

Rates are almost 0.9 percentage points below where they were at the beginning of the year, which means that today’s homebuyers are paying over $1,200 less per year on a $200,000 loan. This greater affordability helped push existing home sales higher for the second consecutive month in November to an annualized pace of 4.42 million, the most since January.

Here’s a look at the path of rates since last January:

3.91: Mortgage Rates Set Record Low Yet Again: Figure 2

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/3.91_mortgage_rates_set_record_low_yet_again/4822.

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