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4.6%: Another Week, Another 2011 Interest Rate Low

  • May 26, 2011

by UrbanTurf Staff

4.6%: Another Week, Another 2011 Interest Rate Low: Figure 1

For the sixth week in a row, long-term mortgage rates headed downward. This morning, Freddie Mac reported 4.6 percent with 0.7 of a point as the average on a 30-year fixed-rate mortgage, down from 4.61 percent last week. Freddie Mac vice president and chief economist Frank Nothaft attributed the drop in rates to “reports of slower economic activity.”

In related news, earlier this week it was reported that new home sales rose in April for the second straight month. New homes sold at a seasonally adjusted annual rate of 323,000 last month, according to the Census Bureau, up 7.3 percent from March. While the two-month in a row increase in sales is optimistic news, sales were down 23.1 percent compared to April 2010 when the first-time home buyer credit was in effect.

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

4.6%: Another Week, Another 2011 Interest Rate Low: Figure 2

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

This article originally published at http://dc.urbanturf.com/articles/blog/4.6_another_week_another_2011_interest_rate_low/3556

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