3.89: Another Record For Mortgage Rates
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Long-term mortgage rates keep falling to new lows.
This morning, Freddie Mac reported 3.89 percent with an average 0.7 point as the average on a 30-year fixed mortgage. Last week, rates matched their previous record low of 3.91 percent, and now rates have been below 4 percent for six consecutive weeks. A year ago, 30-year fixed rates were at 4.71 percent.
From Freddie Mac vice president and chief economist Frank Nothaft:
Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market. Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated.
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 remain at historical lows.
Here’s a look at the path of rates since last January:
See other articles related to: freddie mac, interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/3.89_another_record_for_mortgage_rates/4914.
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