Choose an edition: Wash DC | Chicago

Getting Trendy: 4.09 Another Record Low for Mortgage Rates

  • September 15, 2011

by UrbanTurf Staff

image

A week ago, long-term mortgage rates set an all-time low of 4.12 percent. Yet again today, rates broke a record, with Freddie Mac reporting 4.09 percent with 0.7 of a point as the average on a 30-year fixed mortgage, the lowest rate since tracking began in 1971.

From Freddie Mac vice president and chief economist Frank Nothaft:

Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week. In comparison, the average interest rate of mortgages outstanding in the second quarter was 5.28 percent. By refinancing into today’s 30-year fixed mortgage, homeowners could shave almost $1,715 a year in interest payments on a $200,000 loan.

In related housing news, mortgage-default notices filed by banks jumped by 33 percent between July and August, the highest level in several months and a sign that banks are restarting foreclosure proceedings following the robo-signing mess of a year ago.

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

image

See other articles related to: mortgage rates, interest rates, freddie mac

This article originally published at http://chicago.urbanturf.com/articles/article/getting_trendy_4.09_another_record_low_for_mortgage_rates/4157

Lauren Mitrick

Newman Realty

773-480-5078

Serving:

Old Town

Gold Coast

Wrigleyville

See other agents »
Choose an edition: Wash DC | Chicago