Mortgage rates dropped slightly this week.
On Thursday morning, Freddie Mac reported 4.37 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. Since late June, rates have been wavering around the mid-4 percent range. Last week, rates averaged 4.51 percent.
From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:
Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what’s needed in the U.S. economy. In addition, housing starts fell in June to the slowest pace since August 2012.
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/4.37_mortgage_rates_ease_slightly/7333
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