4.10: Rates Continue Slipping

• October 31, 2013

by Shilpi Paul

Rates continue slipping.

On Thursday morning, Freddie Mac reported 4.10 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.

Two weeks ago, rates were averaging 4.28 percent; last week, rates dropped to 4.13. Will they drop below 4 percent again this year?

From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:

Fixed mortgage rates eased further leading up to the Federal Reserve’s (Fed) October 30th monetary policy announcement. The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated. As a result, there was no policy change which should help sustain low mortgage rates in the near future.

The UrbanTurf 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.

Here’s a look at the path of rates since January 2010:

This article originally published at http://dc.urbanturf.com/articles/blog/4.10_rates_continue_slipping/7763