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3.40: Mortgage Rates Stay Low

  • November 8, 2012

by Shilpi Paul

3.40: Mortgage Rates Stay Low: Figure 1

Mortgage rates continue to stay low.

This morning, Freddie Mac reported 3.40 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, slightly higher than last week’s 3.39 percent. Rates have stayed near the record low of 3.36 percent for six weeks now. A year ago, rates were just below (3.99) 4 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates remained near record lows following the employment report for October. The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged.

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.

See other articles related to: mortgage rates, interest rates, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/3.40_mortgage_rates_stay_low/6273

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