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Mortgage Rates Hover Near 4 Percent For Third Consecutive Week

  • December 1st 2011

by Shilpi Paul

Mortgage Rates Hover Near 4 Percent For Third Consecutive Week: Figure 1

Mortgage rates climbed ever so slightly this week with Freddie Mac reporting 4.00 with an average 0.7 of a point as the average on a 30-year fixed mortgage this morning. Last week, long-term rates fell below 4 percent (to 3.98) for the third time since tracking began in 1971, and this week marks the third in a row that rates have hovered near 4 percent.

From Frank Nothaft, Freddie Mac’s chief economist:

“Economic data released this past week included the Conference Board’s consumer confidence index, which had the largest jump in November since April 2003, and the S&P/Case-Shiller© 20-city composite index (seasonally adjusted), which fell for the fifth consecutive month in September to the lowest reading since April 2003. More optimistic consumers, lower house prices, and bargain mortgage rates may have contributed to the 10.4 percent jump in pending home sales in October to the strongest pace since November 2010 and may bode well for future home sales.”.

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

Mortgage Rates Hover Near 4 Percent For Third Consecutive Week: Figure 2

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_hover_near_4_for_the_fifth_consecutive_week/4681.

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