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4.61%: Mortgage Rates Hit New Low For 2011

  • May 19th 2011

by Mark Wellborn

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A week after hitting their low for the year, long-term mortgage rates have once again headed downward. This morning, Freddie Mac reported 4.61 percent with 0.7 of a point as the average on a 30-year fixed-rate mortgage, down from 4.63 percent last week. A year ago, 30-year rates were at 4.84 percent.

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

Fixed mortgage rates inched down for the fifth consecutive week as financial markets try to ascertain the current strength of the economy. Data on the housing market was also mixed. New construction on single-family homes fell 5.1 percent in April, with the largest declines occurring in the Midwest and South regions where tornados hit the hardest. Homebuilder confidence remained unchanged in May and near its January 2009 historical low, according to the NAHB/Wells Fargo Housing Market Index. However, conventional mortgages applications rose for the past five straight weeks ending May 13th, buoyed by lower mortgage rates and stronger refinancing activity.

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

4.61%: Mortgage Rates Hit New Low For 2011: Figure 1

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

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.61_mortgage_rates_hit_new_low_for_2011/3519.

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