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4.88%: Your Weekly Mortgage Rate Update

  • March 10th 2011

by UrbanTurf Staff

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4.88%: Your Weekly Mortgage Rate Update: Figure 1

After three weeks of steady drops, long-term interest rates rose ever so slightly for 30-year fixed rate mortgages this week to 4.88 percent from 4.87 percent last week. A year ago, 30-year fixed rate mortgages were at 4.95 percent.

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:

4.88%: Your Weekly Mortgage Rate Update: 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_88_your_weekly_mortgage_rate_update/3132.

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