What's Hot: 142-Unit Development At Inn of Rosslyn Site Moves Forward | Mortgage Rates Inch Closer To 7%
3.56: Another Week, Another Record Low
✉️ Want to forward this article? Click here.
Again this week, fixed mortgage rates dropped to a new record low.
This morning, Freddie Mac reported 3.56 percent with an average 0.7 point as the average on a 30-year fixed mortgage, down from last week’s previous record low of 3.62 percent. Last year at this time, long-term rates were at 4.51 percent.
From Freddie Mac vice president and chief economist Frank Nothaft:
Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low. Only 80,000 net new jobs were added to the economy last month, not enough to lower the unemployment rate from 8.2 percent. This was the concern of the Federal Reserve’s monetary policy meeting held June 19-20. Minutes released from that meeting on July 11, revealed that a few members felt further monetary stimulus was needed to promote satisfactory growth in employment to meet the Committee’s goal..
To put the year-over-year rate change in perspective, we compared the payments on a three-bedroom row house on the market for $548,800 at today’s interest rates versus what they would’ve been a year ago.
Monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.51%:
- Loan Amount: $439,040
- Principal and Interest: $2,227
- Property Tax: $191
- Total Monthly Payments: $2,418
Monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 3.56%:
- Loan Amount: $439,040
- Principal and Interest: $1,986
- Property Tax: $191
- Total Monthly Payments: $2,177
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:
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/3.56_another_week_another_record_low/5760.
Most Popular... This Week • Last 30 Days • Ever
A single home has come up for sale at Beale Square: an acclaimed, carriage-style town... read »
Estate taxes, also known as inheritance taxes or death duties, are taxes imposed on t... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The application may signal movement on the massive mixed-use project.... read »
Washingtonian is reporting that the national bookstore chain will open its doors the ... read »
- A Uniquely Private, Carriage-Style Townhome Hits the Market in Bloomingdale
- What Are Estate Taxes and How Do They Work?
- How An Unmarried Couple Buys a Home Together
- Raze Application Filed For Site Of 900-Unit Development, Food Hall Along Anacostia River
- Barnes and Noble Returns To Georgetown Next Week
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro