Weekly Mortgage Rate: 4.76%
Mortgage rates continued their downward trajectory this week, with Freddie Mac’s weekly Primary Mortgage Market Survey putting the average rate on a standard 30-year fixed-rate mortgage over the last seven days at 4.76 percent. That’s down from 4.88 percent last week, and it marks the fifth week in a row that rates have decreased.
As with the direction of so many financial instruments around the world this week, the decrease was heavily influenced by the crisis in Japan. Freddie Mac vice president and chief economist Frank Nothaft had this to say:
“With the crisis in Japan, investors rushed to buy the security of U.S. Treasury bonds, which lowered its yields and other interest rates as well. This allowed fixed mortgage rates to drift lower this week.”
Here’s a look at the path of mortgage rates since last January:
Mortgage rates since January 2010
See other articles related to: mortgage rates
This article originally published at http://dc.urbanturf.com/articles/blog/weekly_mortgage_rate_4.76/3180
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