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3.71: Rates Rise Again

by Shilpi Paul

3.71: Rates Rise Again: Figure 1

After six straight weeks of dropping to all-time record lows, rates finally reversed course this week.

This morning, Freddie Mac reported 3.71 percent with an average 0.7 point as the average on a 30-year fixed mortgage, up from 3.67 last week.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases. The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets.

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:

3.71: Rates Rise Again: Figure 2

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/3.71_rates_rise_again/5655

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