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4.17%—The Steady Drop of Long-Term Mortgage Rates

by UrbanTurf Staff

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Mortgage rates set a record this week, with Freddie Mac reporting 4.17 as the average on a 30-year fixed, the lowest rate since tracking began in 1971.

While it may seem like rates have been setting a record on an almost weekly basis over the last few months, that is not the case. However, rates have been dropping steadily (except for a slight jump here and there) over the last 18 months. Here is a quick timeline for reference:

  • November 11, 2010 — 4.17%
  • October 7, 2010 – 4.27%
  • July 29, 2010 – 4.54%
  • December 9, 2009 – 4.71%
  • October 14, 2009 – 4.87%
  • August 3, 2009 – 5.25%
  • June 12, 2009 – 5.65%

To put the rate change in perspective, the difference in monthly payments on a $380,000 mortgage between the June 2009 rate ($2,193) and today’s record rate ($1,852) is about $340 a month.

This article originally published at https://dc.urbanturf.com/articles/blog/4.17_--_the_steady_drop_of_long-term_mortgage_rates/2666

5 Comments

  1. Nathalie said at 5:56 pm on Thursday November 11, 2010:

    Absolutely mind boggling how low rates have dropped. I bought a year ago, and I am considering refinancing.

  1. anon said at 9:28 am on Friday November 12, 2010:

    i am also. i have 4.875 now but it will be worth it to refi to ~4.1

  1. JT said at 11:29 am on Friday November 12, 2010:

    Keep the refis rolling!  That extra savings will eventually get spread around the economy.

  1. Bethesda Agent said at 1:04 pm on Friday November 12, 2010:

    The issue with refis is that the rates are not as low. that 4.17% is for new loans with stellar credit.

  1. JT said at 2:20 pm on Saturday November 13, 2010:

    If you have 20% equity and your loan amount is $417,000 or less you should be able to get a rate on a refi competitive with a purchase.  So, the real problem is that most don’t have 20% equity, if any equity at all.  Hence why all the mortgage modification initiatives have not had the impact the feds had hoped.

Comments are closed.

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