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4.71: Rates Hit Yearly Low

  • May 5th 2011

by UrbanTurf Staff

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4.71: Rates Hit Yearly Low: Figure 1

Long-term mortgage rates dipped for the third week in a row last week, as Freddie Mac reported 4.71 percent with 0.7 of a point as the average on a 30-year fixed-rate mortgage, down from 4.78 percent with 0.7 of a point last week. One year ago, long-term rates stood at 5.00 percent.

This week’s average rate of 4.71 percent matches the 2011 low, hit in early January.

Freddie Mac vice president and chief economist Frank Nothaft blamed the sinking rates on disappointing data reports about the wider economy:

“Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week. For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April.”

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

4.71: Rates Hit Yearly Low: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.71_rates_hit_yearly_low/3444.

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