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3.31: Mortgage Rates Drop to Record Low

  • November 21, 2012

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 http://dc.urbanturf.com/articles/blog/3.31_mortgage_rates_drop_to_record_low/6329

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