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4.32: Mortgage Rates Down For Third Week in a Row

  • January 30th 2014

by Lark Turner

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4.32: Mortgage Rates Down For Third Week in a Row: Figure 1

Mortgage rates moved down again this week in the wake of the release of slightly weaker housing data.

On Thursday morning, Freddie Mac reported 4.32 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. Rates were 4.39 percent last week, and 4.41 percent the week before that.

At this time last year, rates averaged 3.53 percent.

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

“Mortgage rates eased somewhat as new home sales fell 7 percent in December to a seasonally adjusted pace of 414,000 units, below the consensus. The S&P/Case-Shiller 20-city composite house price index declined 0.1 percent for the month of November, the first decrease since November 2012.”

The UrbanTurf Mortgage Rate Disclaimer: 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.

Here’s a look at the path of rates since January 2010:

4.32: Mortgage Rates Down For Third Week in a Row: Figure 2

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.32_mortgage_rates_down_again_in_wake_of_weaker_data/8065.

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