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3.99: Mortgage Rates Dip Below 4 Percent Again

  • November 10th 2011

by Shilpi Paul

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3.99: Mortgage Rates Dip Below 4 Percent Again: Figure 1

This morning, rates on 30-year mortgages dropped below 4 percent for the second time. Freddie Mac reported 3.99 percent with 0.7 of a point as the average on a 30-year fixed mortgage, the second lowest rate since tracking began in 1971. Long-term mortgage rates dropped below 4 percent for the first time in early October and have been hovering just above that mark ever since. Another interesting thing to note it that it was a year ago almost to the day that rates hit their 2010 low of 4.17 percent.

From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:

“Fixed mortgage rates were little changed this week amid a mix of economic data reports. The economy added 80,000 net jobs in October, below the market consensus forecast, but employment gains over the prior two months were revised up by 102,000 and the unemployment rate fell to 9.0 percent, the lowest in six months. “

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

3.99: Mortgage Rates Dip Below 4 Percent Again: 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/3.99_mortgage_rates_dip_below_4_percent_again/4553.

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