4.39%: Mortgage Rates Hit 2011 Lows
✉️ Want to forward this article? Click here.
This morning, long-term mortgage rates dropped to a new low for 2011, as Freddie Mac reported that the average on a 30-year fixed-rate mortgage decreased to 4.39 percent with 0.8 of a point, down from 4.55 percent last week. The fall in rates was attributed to signs of a weakening economy.
The bad and the good from Freddi Mac vice president and chief economist Frank Nothaft:
“Treasury bond yields fell markedly after signs the economy was weaker than what markets had previously thought allowing fixed mortgage rates to follow this week. The economy grew 1.3 percent in the second quarter, which was below the market consensus forecast, and first quarter growth was cut to less than a quarter of what was originally reported. On a positive note, there were indications that the housing market is firming. Real residential fixed investments added growth to the economy in the second quarter after subtracting from growth over the first three months of the year. The CoreLogic® National House Price Index rose for the third straight month in June (not seasonally adjusted) and was the first three-month gain since June 2010.”
As UrbanTurf has said before, the rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get. A July article in The Wall Street Journal goes into more detail about this.
Here’s a look at the path of rates since last January:
See other articles related to: freddie mac, interest rates, mortgage rates
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.39_mortgage_rates_hit_2011_lows/3920.
Most Popular... This Week • Last 30 Days • Ever
This article discusses the variety of rental restrictions that may exist in condomini... read »
The 67-room luxury hotel will be located at 3000 M Street NW, the site of the old Lat... read »
The new plans for the development along 11th Street continue to move forward.... read »
The new project is just the latest affordable development to move forward in DC.... read »
In the spring of 2023, the Arlington County Board voted unanimously to approve allowi... read »
- Understanding Rental Restrictions in Condominiums
- Jose Andres Group Partners On New Georgetown Hotel
- Plans Filed For 65-Unit Affordable Development In U Street Corridor
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Court Decision Overturns Missing Middle Ordinance in Arlington
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro