Long-term mortgage rates headed north this week, but are still below 4 percent.
Freddie Mac reported 3.98 percent with an average 0.5 point as the average on a 30-year fixed-rate mortgage this morning. Rates have now been below 4 percent for three straight weeks, and dropped to 3.92 percent last week. However, a year ago, rates weren’t that much higher when they sat at 4.10 percent.
Freddie Mac’s chief economist Frank Nothaft on this week’s movement:
Mortgage rates grew across the board this week, rebounding from the lowest rates of the year. New home sales grew at an annual rate of 467,000 sales in September, the fastest rate observed during the recovery.
When rates get this low, the refinancing talk starts. UrbanTurf outlined a likely common refinancing scenario for the DC market about a week ago.
Here’s a look at the path of rates since January 2010:
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_remain_below_4_percent/9164
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