After hitting record lows for the last two weeks, long-term mortgage rates remained unchanged today. Freddie Mac reported that the average on a 30-year fixed-rate mortgage is 4.09 percent with 0.7 of a point, the same as it was last week.
As UrbanTurf has written in previous posts, the rates announced by Freddie Mac are not quite as good as advertised, as they usually carry points with them. Points are essentially a form of pre-paid interest on a loan. When Freddie Mac issues rates, the published average usually includes an average “point” that the lender will charge. That point translates into a percentage of the total loan that the borrower must pay up front in order to get the latest interest rate. For more on this topic, click here.
Here’s a look at the path of rates since last January:
This article originally published at https://dc.urbanturf.com/articles/blog/4.09_mortgage_rates_remain_at_record_lows/4203.
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