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Mortgage Rates Drop Below 4 Percent For First Time

  • October 6th 2011

by Mark Wellborn

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Mortgage Rates Drop Below 4 Percent For First Time: Figure 1

This morning, rates on 30-year mortgages dropped below 4 percent for the first time ever. Freddie Mac reported 3.94 percent with 0.8 of a point as the average on a 30-year fixed mortgage, the lowest rate since tracking began in 1971. Long-term mortgage rates have now dropped for five out of the last six weeks.

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

“Average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew.”

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

Mortgage Rates Drop Below 4 Percent For First Time: Figure 2

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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_below_4_percent_for_first_time/4299.

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