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4.17% -- The Steady Drop of Long-Term Mortgage Rates

  • November 11th 2010

by UrbanTurf Staff

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4.17% -- The Steady Drop of Long-Term Mortgage Rates: Figure 1

Mortgage rates set a record this week, with Freddie Mac reporting 4.17 as the average on a 30-year fixed, the lowest rate since tracking began in 1971.

While it may seem like rates have been setting a record on an almost weekly basis over the last few months, that is not the case. However, rates have been dropping steadily (except for a slight jump here and there) over the last 18 months. Here is a quick timeline for reference:

  • November 11, 2010 — 4.17%
  • October 7, 2010 – 4.27%
  • July 29, 2010 – 4.54%
  • December 9, 2009 – 4.71%
  • October 14, 2009 – 4.87%
  • August 3, 2009 – 5.25%
  • June 12, 2009 – 5.65%

To put the rate change in perspective, the difference in monthly payments on a $380,000 mortgage between the June 2009 rate ($2,193) and today’s record rate ($1,852) is about $340 a month.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.17_--_the_steady_drop_of_long-term_mortgage_rates/2666.

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