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4.00: Mortgage Rates Stay Low

  • November 17th 2011

by Shilpi Paul

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4.00: Mortgage Rates Stay Low: Figure 1

Mortgage rates climbed up ever so slightly this week with Freddie Mac reporting 4.00 with an average 0.7 of a point as the average on 30-year fixed mortgages this morning. Last week, long-term rates fell below 4 percent (to 3.99) for the second time since tracking began in 1971.

The slight change this week is being attributed to “positive economic and consumer confidence data.” From Frank Nothaft, Freddie Mac’s chief economist:

Retail sales rose for the fifth straight month in October and beat the market consensus forecast. Meanwhile, consumer confidence rose for the third consecutive month in early November to the highest reading since June, according to the University of Michigan’s sentiment index. Lastly, homebuilder confidence exhibited a back-to-back monthly increase in November to the strongest level since May 2010.

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

4.00: Mortgage Rates Stay Low: Figure 2

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.00_mortgage_rates_stay_low/4604.

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