Home | Newsletter | Advertise

At 4.58%, Mortgage Rates Set Another Record

  • July 2nd 2010

by Will Smith

✉️ Want to forward this article? Click here.

At 4.58%, Mortgage Rates Set Another Record: Figure 1

The average rate for a 30-year fixed-rate mortgage sunk to 4.58 percent this week, according to Freddie Mac. That beats last week’s already-historic 4.69 percent, which was the lowest on record since Freddie Mac started keep tracking in 1971.

Despite the eye-popping rate, the national housing market remains in what experts have called the “post-tax credit hangover.” The Feds’ homebuyer tax credit that expired at the end of April pulled housing demand forward, meaning some people that would have bought throughout the summer months hurried to buy before April 30th, leaving a gap in demand now. Exacerbating the weak demand are tighter lending standards, which exclude some would-be buyers from qualifying for a mortgage.

The market will probably remain slow through the summer, which is real estate’s low season anyway. Going into the fall, there will be a lot of anticipation about whether the market will pick back up.

See other articles related to: dc area market trends, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/at_4.58_mortgage_rates_set_another_record/2230.

Pipeline: New Condos & Apartments Coming to the DC Area

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse