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4.49%: How Low Will Mortgage Rates Go?

  • June 9th 2011

by Mark Wellborn

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4.49%: How Low Will Mortgage Rates Go?: Figure 1

This morning, long-term mortgage rates fell again, as Freddie Mac reported 4.49 percent with 0.7 of a point as the average on a 30-year fixed-rate mortgage. It is the eighth week in a row that rates have dropped.

The drop in rates was attributed to weaker than expected job growth. From a statement by Freddie Mac vice president and chief economist Frank Nothaft:

“Long-term Treasury yields moved lower following a weak jobs report and mortgage rates followed suit. The economy added 54,000 jobs in May, the fewest in eight months, and factories cut payrolls for the first time in seven months. The housing market continues to remain fragile as well.”

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

4.49%: How Low Will Mortgage Rates Go?: Figure 2

See other articles related to: freddie mac, interest rates, mortgage rates, unemployment

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.49_how_low_will_mortgage_rates_go/3628.

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