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3.75: Mortgage Rates Retreat Slightly

by Lark Turner

3.75: Mortgage Rates Retreat Slightly: Figure 1

Mortgage rates fell slightly this week breaking a three-week streak of gains.

The average rate on a 30-year fixed-rate mortgage was 3.75 percent with an average 0.6 point this week, according to Freddie Mac. That’s down from 3.80 last week and 4.28 percent a year ago.

In a news release, Len Kiefer, Freddie Mac’s deputy chief economist, said GDP was the cause for the stagnating rate.

“Mortgage rates fell across the board, with the 30-year fixed rate mortgage reading 3.75 percent this week. Real GDP growth for the fourth quarter was revised down to 2.2 percent. Consumer prices fell more than expected in January, tumbling 0.7 percent.”

UrbanTurf is following the path of the rates in this chart:

3.75: Mortgage Rates Retreat Slightly: Figure 2

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 https://dc.urbanturf.com/articles/blog/3.75_mortgage_rates_retreat_slightly/9605

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