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4.11: Mortgage Rates Hold Steady

  • October 20th 2011

by Shilpi Paul

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4.11: Mortgage Rates Hold Steady: Figure 1

After hitting an all-time low two weeks ago, long-term mortgage rates rose back above 4 percent last week and held steady this week, following a mixed jobs report. Freddie Mac reported 4.11 with an average 0.8 of a point as the average on a 30-year fixed mortgage. Rates dropped ever so slightly from last week’s 4.12 percent.

From Frank Nothaft, Freddie Mac’s chief economist:

The home construction industry had some good news for a change. The National Association of Home Builders/Wells Fargo Housing Market Index jumped four points in October, the largest one-month gain since April 2010. Housing starts sprang up 15 percent in September, largely driven by a spike in multifamily starts to a level last seen in 2008. Building permits on 5-or-more unit buildings fell by 13 percent, however, suggesting that the multifamily building pickup may be temporary.

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

4.11: Mortgage Rates Hold Steady: Figure 2

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4_mortgage_rates_keep_climbing/4389.

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