4.17% -- The Steady Drop of Long-Term Mortgage Rates
Mortgage rates set a record this week, with Freddie Mac reporting 4.17 as the average on a 30-year fixed, the lowest rate since tracking began in 1971.
While it may seem like rates have been setting a record on an almost weekly basis over the last few months, that is not the case. However, rates have been dropping steadily (except for a slight jump here and there) over the last 18 months. Here is a quick timeline for reference:
- November 11, 2010 — 4.17%
- October 7, 2010 – 4.27%
- July 29, 2010 – 4.54%
- December 9, 2009 – 4.71%
- October 14, 2009 – 4.87%
- August 3, 2009 – 5.25%
- June 12, 2009 – 5.65%
To put the rate change in perspective, the difference in monthly payments on a $380,000 mortgage between the June 2009 rate ($2,193) and today’s record rate ($1,852) is about $340 a month.
This article originally published at https://dc.urbanturf.com/articles/blog/4.17_--_the_steady_drop_of_long-term_mortgage_rates/2666.
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