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Mortgage Rates Set New Record Low

  • August 18th 2011

by Mark Wellborn

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Mortgage Rates Set New Record Low: Figure 1

Long-term mortgage rates set an all-time record low this week, with Freddie Mac reporting 4.15 percent with 0.7 of a point as the average on a 30-year fixed mortgage, the lowest rate since tracking began in 1971. The previous low was set on November 10, 2010, when rates hit 4.17 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

The Federal Reserve’s policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows. For instance, 30-year fixed mortgage rates are now the lowest in over 50 years. In comparison, the Bureau of Economic Analysis estimated the average effective mortgage rate was about 5.3 percent on single-family loans outstanding during the second quarter of 2011.

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

Mortgage Rates Set New Record Low: Figure 2

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

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_set_new_record_low/4008.

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