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3.34: A New Record Low For Mortgage Rates

  • November 15th 2012

by Shilpi Paul

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3.34: A New Record Low For Mortgage Rates: Figure 1

After hovering near 3.4 percent for weeks, mortgages rates dropped to a new record low this week.

This morning, Freddie Mac reported 3.34 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 eased this week to record lows on indicators of higher consumer confidence and lower wholesale prices. Consumer sentiment rose in November to the highest reading since July 2007 according to the University of Michigan.

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:

3.34: A New Record Low For Mortgage Rates: Figure 2

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/3.34_a_new_record_low_for_mortgage_rates/6305.

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