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4.87%: Long-Term Mortgage Rates Continue to Drop

  • March 3rd 2011

by UrbanTurf Staff

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4.87%: Long-Term Mortgage Rates Continue to Drop: Figure 1

Long-term interest rates continued to fall this week, dropping to 4.87 percent for a 30-year fixed rate mortgage this week from 4.95 percent last week. It is the third week in a row that rates fell following weeks of steady increases.

From Frank Nothaft, vice president and chief economist at Freddie Mac:

“Mortgage rates saw an overall improvement this week. Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year’s high set just three weeks ago. This means that homebuyers could now expect to pay $263 less per year on a $200,000 loan.”

Here’s a look at mortgage rate behavior since last January:

4.87%: Long-Term Mortgage Rates Continue to Drop: Figure 2

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_87_mortgage_rates_continue_to_fall/3092.

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