Mortgage rates hit another record low this week.
This morning, Freddie Mac reported 3.78 percent with an average 0.8 point as the average on a 30-year fixed mortgage, down slightly from last week’s 3.79 percent. (The average points rose slightly, so rates may actually be a bit higher.) Rates have been dropping all month: this is the fourth consecutive week that the average on 30-year mortgages has hit or hovered around a new record low.
From Freddie Mac vice president and chief economist Frank Nothaft:
Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability. The National Association of Realtor’s Housing Affordability Index reached an all-time record high in the first quarter of this year since records began in 1970. In April, existing home sales rose to the highest rate since January with an annualized rate of 4.62 million homes with purchases increasing in all four Census Regions.
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. Still, rates are at historical lows.
Here’s a look at the path of rates since last January:
This article originally published at http://dc.urbanturf.com/articles/blog/3.78_mortgage_rates_hoid_near_record_lows/5578
Most Popular... This Week • Last 30 Days • Ever
The H Street Corridor once epitomized DC's development boom, but construction activit... read »
UrbanTurf is taking a look at what we think will be the three metrics that will deter... read »
A look at the close-in cities in Maryland and Virginia with the lowest supply of home... read »
Built in 1840, the home has been home to members of Congress and presidential cabinet... read »
The gorgeous boutique condominium is ideally located on the border of Columbia Height... read »
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The Shaw pipeline is starting the year off hot.... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
Is U Street regaining steam as the development center of gravity in the neighborhood?... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro