After three straight weeks of record setting lows, mortgage rates jumped back up today.
This morning, Freddie Mac reported 3.95 percent with an average 0.8 point as the average on a 30-year fixed mortgage. Rates had been hovering around record lows of 3.87 percent for the past three weeks and despite increasing this week, they have now been below 4 percent for twelve consecutive weeks.
From Freddie Mac vice president and chief economist Frank Nothaft:
New data releases this week suggest the housing market is continuing to gradually improve. The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December’s figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May 2010, according to the National Association of Realtors.
While rates are remain low, a recent Wall Street Journal article makes a case for why they should be even lower.
Here’s a look at the path of rates since last January:
This article originally published at http://dc.urbanturf.com/articles/blog/3.95_mortgage_rates_jump_back_up/5185
Most Popular... This Week • Last 30 Days • Ever
How much does a deeded parking spot run you in the District? And what about renting?... read »
For the sixth month in a row, active listings for sale in the DC area increased... read »
Paula Wu manages a real estate and development company between classes, and now... read »
Pending approval by the HPRB, a former firehouse on R Street NW could become four... read »
In Hidden Places, UrbanTurf takes a look at some of the charming but lesser-known... read »
Eataly has signed a letter of intent for somewhere in the vicinity of 30,000 to... read »
Having a very good credit score is crucial if you want to be pre-approved for a home... read »
Small living is about to take on a whole new meaning on one of the city's hippest... read »
In this edition of First Timer Primer, UrbanTurf provides a brief outline of some of... read »
As first-time homebuyers get the itch to look for a home and start to venture out to... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting... read »
President Obama travels to Denver this morning to sign the stimulus bill that has... read »
At Wednesday night's ANC 2F Design Review Committee meeting, developers presented... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We’ve collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!