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4.57: Rates Remain Unchanged

by Shilpi Paul

4.57: Rates Remain Unchanged: Figure 1

Long-term mortgage rates remained stable this week, and continue to stay close to their highest level hit this year.

On Thursday morning, Freddie Mac reported 4.57 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage, essentially the same rate as last week. In August, rates hit a yearly high of 4.58 percent.

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

Mortgage rates were little changed this week following a mixed employment report. For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent which was the lowest since December 2008.

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:

4.57: Rates Remain Unchanged: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/4.57_rates_remain_unchanged/7548

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