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3.87: Mortgage Rates Hit Another Record Low

  • February 2nd 2012

by Shilpi Paul

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3.87: Mortgage Rates Hit Another Record Low: Figure 1

Mortgage rates dropped down to a new record low again this week.

This morning, Freddie Mac reported 3.87 percent with an average 0.8 point as the average on a 30-year fixed mortgage. After weeks of dropping, rates jumped up to 3.98 percent last week, but they have now been below 4 percent for nine consecutive weeks.

From Freddie Mac vice president and chief economist Frank Nothaft:

Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections. The Gross Domestic Product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3.0 percent, while consumer spending in December was flat.

We have been saying this frequently in past weeks, but it bears repeating: 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. Still, rates are at historical lows.

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

3.87: Mortgage Rates Hit Another Record Low: Figure 2

See other articles related to: freddie mac, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/3.87_another_record_low/5051.

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