loading...

3.79: Yet Another Record Low

by Shilpi Paul

3.79: Yet Another Record Low: Figure 1

Mortgage rates dropped to a new record low again this week.

This morning, Freddie Mac reported 3.79 percent with an average 0.7 point as the average on a 30-year fixed mortgage. Rates have been dropping all month: this is the third consecutive week that the average on 30-year mortgages hit a new record low.

From Freddie Mac vice president and chief economist Frank Nothaft:

The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week. For instance, industrial production rose 1.1 percent in April — the largest gain since December 2010 — and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.

We have been saying this frequently in past weeks, but it bears repeating: 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.

See other articles related to: mortgages, mortgage rates, interest rates, freddie mac

This article originally published at https://dc.urbanturf.com/articles/blog/3.79_yet_another_record_low/5553

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!