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Mortgage Rates Below 4 Percent For Three Months

  • March 8, 2012

by UrbanTurf Staff

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Long-term mortgage rates dropped this week, and have now been below 4 percent for three straight months.

This morning, Freddie Mac reported 3.88 percent with an average 0.8 point as the average on a 30-year fixed mortgage. Last year at this time, rates were at 4.88 percent.

Freddie Mac vice president and chief economist Frank Nothaft on the low rates and housing affordability:

“With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January, according to the National Association of Realtors® Housing Affordability Index which registered the highest reading since records began in 1970.”

Here’s a look at the path of rates since January 2010:

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This article originally published at http://chicago.urbanturf.com/articles/article/mortgage_rates_below_4_percent_for_three_months/5263

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