4.13: Rates Drop To Lowest Level in Four Months

  • October 24, 2013

by Shilpi Paul

4.13: Rates Drop To Lowest Level in Four Months: Figure 1

After shooting up to 4.28 last week, rates dropped down to their lowest level since June.

On Thursday morning, Freddie Mac reported 4.13 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage.

Rates broke the 4 percent barrier in late June and have been staying in the 4s since then, reaching a peak of 4.58 in August.

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

Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year.

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:

4.13: Rates Drop To Lowest Level in Four Months: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/4.13_rates_drop_to_lowest_level_in_four_months/7735

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