4.71: Rates Hit Yearly Low
✉️ Want to forward this article? Click here.
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
Our guide for amateur landlords who don't really know what they're doing.... read »
The developer filed for a phased development site plan for the project last week.... read »
As part of his 2025 budget proposal, DC Council Chair Phil Mendelson has included a p... read »
An analysis by UrbanTurf with data from Bright MLS found that there are 16 neighborho... read »
In this week's Under Contract, we highlight a portion of a castle in Maryland and a f... read »
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