Mortgage Rates Drop to 3.63%

• January 22, 2015

by UrbanTurf Staff

So far, 2015 is the year of the dropping mortgage rate.

Freddie Mac reported Thursday that the average fixed rate 30-year mortgage dropped to 3.63 percent with an average 0.7 point. Long-term rates have now dropped for the third week in a row and remain at 20-month lows. A year ago, rates stood at 4.39 percent.

“Mortgage rates continued to fall, albeit at a slower pace, with the 30-year fixed rate mortgage averaging 3.63 percent this week,” Freddie Mac’s Frank Nothaft stated in a release. “Housing starts picked up in December coming in at a seasonally adjusted 1.089 million unit pace and beating market expectations. Meanwhile, the drop in energy prices pushed the Producer Price Index down 0.3 percent for December and the Consumer Price Index fell 0.4 percent.”

UrbanTurf is following the path of the rates in this chart:

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at http://dc.urbanturf.com/articles/blog/mortgage_rates_drop_to_3.63/9439