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3.66: Rates Drop to Another Record Low

  • June 21st 2012

by Shilpi Paul

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3.66: Rates Drop to Another Record Low: Figure 1

After a slight upturn last week, rates dropped to a record low again.

This morning, Freddie Mac reported 3.66 percent with an average 0.7 point as the average on a 30-year fixed mortgage, down from 3.71 last week. Before last week, rates had been dropping to record lows for six straight weeks.

From Freddie Mac vice president and chief economist Frank Nothaft:

Treasury bond yields eased somewhat this week on some worsening economic indicators bringing mortgage rates back into record low territory. Industrial production fell in two of the last three months ending in May, and below the expected market consensus forecast. In addition, consumer sentiment fell in June to its lowest level this year, according to the University of Michigan survey.

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 January 2010:

3.66: Rates Drop to Another Record Low: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/3.66_rates_drop_to_another_record_low/5681.

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