4.71: Rates Hit Yearly Low
Long-term mortgage rates dipped for the third week in a row last week, as Freddie Mac reported 4.71 percent with 0.7 of a point as the average on a 30-year fixed-rate mortgage, down from 4.78 percent with 0.7 of a point last week. One year ago, long-term rates stood at 5.00 percent.
This week’s average rate of 4.71 percent matches the 2011 low, hit in early January.
Freddie Mac vice president and chief economist Frank Nothaft blamed the sinking rates on disappointing data reports about the wider economy:
“Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week. For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April.”
Here’s a look at the path of mortgage rates since last January:
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/4.71_rates_hit_yearly_low/3444.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro