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3.39: Mortgage Rates Stay Low, But Hold Steady

  • October 11, 2012

by Shilpi Paul

3.39: Mortgage Rates Stay Low, But Hold Steady: Figure 1

Mortgage rates changed little this week, rising slightly from last week’s all-time record low of 3.36 percent.

This morning, Freddie Mac reported 3.39 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. Rates have now been below 3.5 percent for the past three weeks.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates were little changed this holiday week following the employment report for September. Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009.

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:

3.39: Mortgage Rates Stay Low, But Hold Steady: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/3.39_rates_hold_steady_and_low/6147

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