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4.55%: Interest Rates Keep on Falling

  • June 2nd 2011

by UrbanTurf Staff

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4.55%: Interest Rates Keep on Falling: Figure 1

Long-term mortgage rates dipped again this week, as Freddie Mac reported 4.55 percent with 0.6 of a point as the average on a 30-year fixed-rate mortgage, down from 4.6 percent with 0.7 of a point last week. Today’s rate represents the lowest long-term rate in the past six months, and the seventh week in a row that rates have dropped.

While the continued drop in rates will make buying look more attractive to some, one of the main reasons behind the drop was a stalled economic recovery. Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:

“Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May.”

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

4.55%: Interest Rates Keep on Falling: Figure 2

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

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.55_interest_rates_keep_on_falling/3589.

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