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At 4.58%, Mortgage Rates Set Another Record

  • July 2nd 2010

by Will Smith

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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.

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