3.39: Rates Drop Slightly

• November 1, 2012
• 1 Comment

by Shilpi Paul

Mortgage rates stayed close to record lows this week.

This morning, Freddie Mac reported 3.39 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, dropping slightly from last week’s average of 3.41. Rates reached a record low of 3.36 in the first week of October.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates remained relatively unchanged this week on signs of a growing economy and low inflation. The economy grew 2.0 percent in the third quarter with residential fixed investment contributing 0.3 percentage points to growth.

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:

This article originally published at https://dc.urbanturf.com/articles/blog/3.39_rates_drop_slightly/6241

1 Comment

1. Kara said at 9:58 pm on Thursday November 1, 2012:
   I just got a rate quote today for 3.25% FHA loan. How could this be since the article states these rates are the lowest? Is my lender lying about what they can offer?