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4.44: Interest Rates Break Record (Again)

  • August 12th 2010

by Mark Wellborn

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4.44: Interest Rates Break Record (Again): Figure 1

Thirty-year fixed-rate mortgages dropped to 4.44 percent this week, according to Freddie Mac. That beats last week’s already-historic 4.49 percent, which was the lowest on record since Freddie Mac started keep tracking in 1971.

If you are beginning to think that interest rates are breaking records on a weekly basis, you would be right. Long-term rates have dropped to a new record in seven of the past eight weeks.

The rate drop comes days after Trulia.com reported that 25% of home sellers in the District reduced list prices by an average of 9 percent in July. It marks the fourth month in a row in which price reductions have increased nationwide.

It will be interesting to see if the combination of these two pieces of news can offset rising home inventories in many metro areas and the significant drop-off in home sales following the expiration of the federal tax credit at the end of May.

See other articles related to: dc area market trends, dclofts, interest rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.44_interest_rates_break_record_again/2368.

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