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3.43: Mortgage Rates Drop

by Shilpi Paul

3.43: Mortgage Rates Drop: Figure 1

After staying above 3.5 percent for several months, long-term mortgage rates dropped below that benchmark this week.

On Thursday, Freddie Mac reported 3.43 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage. Last week, rates averaged 3.54 percent. Rates have more or less been on an upward trajectory since hitting a record low of 3.31 percent in November.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates fell further this week following a lackluster employment report for March. The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent.

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:

3.43: Mortgage Rates Drop: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/3.43_mortgage_rates_drop/6918

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