4.23: Mortgage Rates Fall to Two-Month Low

  • February 6, 2014

by UrbanTurf Staff

4.23: Mortgage Rates Fall to Two-Month Low: Figure 1

Long-term mortgage rates fell this week to their lowest level since November 2013.

On Thursday morning, Freddie Mac reported 4.23 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. It is the fifth week in a row that rates have dropped. At this time last year, rates averaged 3.53 percent.

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

“Mortgage rates fell further this week following the release of weaker housing data. The pending home sales index fell 8.7 percent in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010.”

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:

4.23: Mortgage Rates Fall to Two-Month Low: Figure 2

This article originally published at http://dc.urbanturf.com/articles/blog/4.23_mortgage_rates_fall_to_two-month_low/8094

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