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3.35: Mortgage Rates Dropping Close to Record Low

  • May 2, 2013

by Shilpi Paul

3.35: Mortgage Rates Dropping Close to Record Low: Figure 1

This morning, Freddie Mac reported 3.35 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. Rates are now hovering close to their historic low of 3.31 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5 percent but fell short of the market consensus forecast. The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery. Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term.

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:

3.35: Mortgage Rates Dropping Close to Record Low: Figure 2

This article originally published at http://dc.urbanturf.com/articles/blog/3.35_mortgage_rates_dropping_close_to_record_low/7013

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