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Same Story, New Week: Mortgage Rates Fall To Record Low Again

  • May 31st 2012

by Shilpi Paul

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Same Story, New Week: Mortgage Rates Fall To Record Low Again: Figure 1

Mortgage rates hit another record low this week.

This morning, Freddie Mac reported 3.75 percent with an average 0.8 point as the average on a 30-year fixed mortgage, down from 3.78 last week. This is the fifth consecutive week that rates have fallen to a new record low.

The average on 15-year fixed mortgages also fell to a new low, with Freddie Mac reporting 2.97 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week. Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower which translates into nearly $1,200 less in annual payments on a $200,000 loan.

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.

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

Same Story, New Week: Mortgage Rates Fall To Record Low Again: Figure 2

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/same_story_new_week_rates_fall_again/5600.

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