3.51: After Months of Rising, Mortgage Rates Drop

  • February 28, 2013

by Shilpi Paul

3.51: After Months of Rising, Mortgage Rates Drop: Figure 1

Rates reversed their slow, but steady trend upwards this week.

Freddie Mac reported 3.51 percent with an average 0.8 point as the average on a 30-year fixed mortgage this morning. Last week, rates hit an average of 3.56 percent, after moving up steadily since December.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row. House price indicators, however, showed gains in 2012. The S&P/Case-Shiller® national home price index rose 7.3 percent last year, reflecting the largest four-quarter growth since the third quarter of 2006.

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.

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This article originally published at http://dc.urbanturf.com/articles/blog/3.51_after_months_of_rising_rates_drop/6724

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