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4.51%: Mortgage Rates Remain Steady

  • June 30th 2011

by UrbanTurf Staff

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4.51%: Mortgage Rates Remain Steady: Figure 1

Long-term mortgage rates rose ever so slightly this week. Freddie Mac reported that the average on a 30-year fixed-rate mortgage increased to 4.51 percent with 0.7 of a point, up from 4.5 percent last week.

While 30-year rates rose, 5-year adjustable-rate mortgages hit a record low at 3.22 percent; the previous record of 3.25 percent was set last November.

Freddie Mac vice president and chief economist Frank Nothaft on this week’s rates:

Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy. First quarter economic growth was revised up in the final estimate, but growth in consumer spending stagnated in May while April’s figure was revised downward.

Here’s a look at the path of rates since last January:

4.51%: Mortgage Rates Remain Steady: Figure 2

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/4.51_mortgage_rates_remain_steady/3744.

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