Home | Newsletter | Advertise
loading...

Mortgage Rates at Lowest Point in Four Decades

  • April 30th 2009

by Mark Wellborn

✉️ Want to forward this article? Click here.

Mortgage Rates at Lowest Point in Four Decades: Figure 1

Freddie Mac reported today that 30 year fixed-rate mortgages are now at 4.78 percent, the lowest they have been since 1970 when the mortgage and loan corporation started keeping track. The new rate is about 1.6 points lower than when rates peaked in October 2008.

In other news, Freddie Mac reported that 50 percent of borrowers who refinanced their home loan in the first quarter of 2009, lowered their annual mortgage interest rate by at least 20 percent.

In a press release on their website, Freddie Mac vice president and chief economist Frank Nothaft said that “savings from ‘rate-and-term’ refinancing done during the quarter [works out] to about $160 a month on a $200,000 loan.” That is an annual savings of just under $2,000 a year.

To see related articles on this topic, click here and here.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_at_lowest_point_in_four_decades/861.

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