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3.62: Mortgage Rates Keep Falling to Record Lows

  • July 5, 2012

by UrbanTurf Staff

3.62: Mortgage Rates Keep Falling to Record Lows: Figure 1

Again this week, fixed mortgage rates dropped to a new record low.

This morning, Freddie Mac reported 3.62 percent with an average 0.8 point as the average on a 30-year fixed mortgage, down from last week’s previous record low of 3.66 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows.

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, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/3.62_mortgage_rates_keep_falling_to_record_lows/5733

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