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4.22%: Mortgage Rates Bounce Off Record Low

  • August 26th 2011

by UrbanTurf Staff

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4.22%: Mortgage Rates Bounce Off Record Low: Figure 1

Mortgage rates this week averaged 4.22 percent with 0.7 of a point for a 30-year fixed-rate mortgage, bouncing off last week’s all-time low of 4.15 percent. This time last year the FRM rate stood at 4.36 percent.

Freddie Mac vice president and chief economist Frank Nothaft had this to say about this week’s slight bump:

“Fixed mortgage rates followed Treasury bond yields higher this week while data reports suggest an improvement in the housing market. The Federal Housing Finance Agency national House Price Index rose for the third straight month in June bolstered by a 3.3 percent gain in the East North Central Census Division. In addition, the Mortgage Bankers Association reported that the serious delinquency rate (90 days or more plus foreclosures) on mortgages outstanding fell for the sixth consecutive quarter at the end of June to 7.85 percent.”

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

4.22%: Mortgage Rates Bounce Off Record Low: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.22_mortgage_rates_bounce_off_record_low/4058.

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