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Mortgage Rates Drop Just Below 4 Percent

  • March 29, 2012

by Shilpi Paul

Mortgage Rates Drop Just Below 4 Percent: Figure 1

This morning, rates on 30-year mortgages dropped just below 4 percent, reversing a two-week rise.

Freddie Mac reported 3.99 percent with 0.7 of a point as the average on a 30-year fixed mortgage. Two weeks ago, mortgage rates starting inching upwards and last week, they rose above 4 percent for the first time since October 2011.

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

“Mortgage rates slid this week amid weaker housing economic indicators. The S&P/Case Shiller® 20-City Composite home price index slid in January to its lowest reading since December 2002. In addition, new home sales declined 0.5 percent in February, below the market consensus of an increase, and pending existing home sales also declined for the month.”

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

Mortgage Rates Drop Just Below 4 Percent: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/mortgage_rates_drop_just_below_4_percent/5350

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