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3.31: Mortgage Rates Drop to Record Low

by Shilpi Paul

3.31: Mortgage Rates Drop to Record Low: Figure 1

For the second week in a row, mortgage rates dropped to a new record low.

This morning, Freddie Mac reported 3.31 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

3.31: Mortgage Rates Drop to Record Low: Figure 2

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/3.31_mortgage_rates_drop_to_record_low/6329

2 Comments

  1. no neck joe said at 3:17 pm on Thursday November 22, 2012:
    do you take requests? here's my suggestion: organize your "best new listings" so they're searchable by price and location and type of home. my wife and i have been considering buying a place for a couple years but we never do (we rent) because we never have the time it takes to learn about the market. we have the money to buy a place, but we're not going to commit to buying if we have no idea what is and is not a good deal. it would be great if there was a web site where real-estate experts would say, "you know what? we see a lot of places, and most of them we personally would never recommend buying, but here's some that really are good deals." ive been going through your best new listings in search of possible good deals, but so many of them are either well out of our price range or they are condos and otherwise not worth considering and it would be nice if they were more easily searchable
  1. Amy said at 3:14 pm on Wednesday December 5, 2012:
    Housing is extremely affordable today and it’s very good that housing market offers such profitable conditions. It allows American home buyers turn their dreams of buying a home into reality, because interest rates on mortgages have never been so low. Taking a low interest rate mortgage may seem easy, but it’s still very important to make payments on time and stay responsible. That’s why I think that in some occasions it’s better to take mortgages with shorter terms, being in debt for 30 years is quite long and customers should be ready to make payments during all these long terms.

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