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Mortgage Rates Revisit 5% Limbo

  • September 14th 2009

by Will Smith

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Mortgage Rates Revisit 5% Limbo: Figure 1

This past April, mortgage rates dipped below 5 percent, a level at which they had never been since recording started in 1970. Rates on a 30-year mortgage bottomed out at around 4.8 percent, then started edging back up north of 5 percent, reaching 5.6 percent in June. While 5.6 percent is still an extremely attractive rate, many wondered if they had missed their chance at nabbing a “sub-5” rate.

Hope returned last week as rates once again flirted with the 5 percent threshold. The official numbers from Freddie Mac reported 5.07 percent. We’ll be watching closely to see if they break the barrier.

Don’t be too disappointed, however, if they don’t. Rates are fantastic anywhere in the 5s, historically speaking. Here’s a visual from an earlier post that really drives home just how great rates are right now, even if they were to jump way back up to 6 percent:

Mortgage Rates Revisit 5% Limbo: Figure 2

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_revisit_5_limbo/1310.

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