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4.63%: Rates Hit 2011 Low

  • May 12th 2011

by UrbanTurf Staff

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4.63%: Rates Hit 2011 Low: Figure 1

Long-term mortgage rates dipped for the fourth week in a row this morning, as Freddie Mac reported 4.63 percent with 0.7 of a point as the average on a 30-year fixed-rate mortgage, down from 4.71 percent with 0.7 of a point last week. Today’s rate represents the lowest long-term rate in the past five months.

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

“Mortgage rates continued to decline this week following a mixed employment report. The economy added a healthy number of 244,000 workers in April, the most in 11 months, and the figures for March and February were revised up by 56,000 more jobs.

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

4.63%: Rates Hit 2011 Low: Figure 2

See other articles related to: freddie mac, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.63_rates_hit_2011_low/3481.

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