3.84: Mortgage Rates Hit Another Record Low

  • May 3, 2012

by Shilpi Paul

3.84: Mortgage Rates Hit Another Record Low: Figure 1

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

This morning, Freddie Mac reported 3.84 percent with an average 0.8 point as the average on a 30-year fixed mortgage. The average on 15-year fixed mortgages also hit a record low of 3.07 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week. Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent.

UrbanTurf’s standard 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. Still, rates are at historical lows.

See other articles related to: mortgage rates, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/3.84_mortgage_rates_hit_another_record_low/5492

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