Home | Newsletter | Advertise
loading...

3.89: Another Record For Mortgage Rates

  • January 12th 2012

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

3.89: Another Record For Mortgage Rates: Figure 1

Long-term mortgage rates keep falling to new lows.

This morning, Freddie Mac reported 3.89 percent with an average 0.7 point as the average on a 30-year fixed mortgage. Last week, rates matched their previous record low of 3.91 percent, and now rates have been below 4 percent for six consecutive weeks. A year ago, 30-year fixed rates were at 4.71 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market. Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated.

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 remain at historical lows.

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

3.89: Another Record For Mortgage Rates: Figure 2

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

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/3.89_another_record_for_mortgage_rates/4914.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse