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Mortgage Rates Back at 4 Percent

  • November 3rd 2011

by UrbanTurf Staff

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Mortgage Rates Back at 4 Percent: Figure 1

Mortgage rates dropped back to 4 percent this week with Freddie Mac reporting 4.00 with an average 0.7 of a point as the average on 30-year fixed mortgages. Last week, long-term rates were at 4.10 percent.

The drop in rates is being attributed to investors turning to U.S. Treasury bonds “amid concerns over the European debt market.” From Frank Nothaft, Freddie Mac’s chief economist:

Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates. Meanwhile, on the home front, the U.S. economy continued its gradual recovery. The Bureau of Economic Analysis reported the economy grew 2.5 percent in the third quarter, the strongest pace in a year, led by a surge in consumer expenditures.

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

Mortgage Rates Back at 4 Percent: 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/mortgage_rates_back_at_4_percent/4506.

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