3.66: Rates Below 4 Percent For Three Straight Months

• June 28th 2012

by Shilpi Paul

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Long-term mortgage rates were unchanged this morning, remaining at historic lows for the second week in a row.

Freddie Mac reported 3.66 percent with an average 0.7 point as the average on a 30-year fixed mortgage. After a slight jump two weeks ago, rates had been dropping to record lows for six straight weeks. Thirty-year rates have now been below 4 percent for three straight months.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market. Both the S&P/Case Shiller® 20-city composite and the Federal Housing Finance Agency’s house price indexes showed over a 0.5 percent monthly increase in April. Meanwhile, pending existing home sales rebounded in May by 5.9 percent to match a two year high and new home sales jumped 7.6 percent to its fastest pace since April 2010.

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:

This article originally published at https://dc.urbanturf.com/articles/blog/3.66_rates_below_four_for_three_months/5713.