While not as low as last year, mortgage rates are heading downward.
On Thursday, Freddie Mac reported 4.21 percent with an average 0.6 point as the average on a 30-year fixed-rate mortgage, down from 4.29 percent last week.
This week’s number represents the lowest long-term rates have been since November 2013. Freddie Mac’s Frank Nothaft on this week’s rates:
“Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter. Meanwhile, the economy added 288,000 jobs in April, the largest since January 2012, and followed an upward revision of 36,000 jobs for the prior two months. Also, the unemployment rate fell to 6.3 percent.”
UrbanTurf is tracking the path of the rates since January 2010 in this chart:
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.
This article originally published at http://dc.urbanturf.com/articles/blog/4.21_mortgage_rates_hit_2014_low/8465
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