Chicago Real Estate Guide

Mortgage Rates Below 5 Percent For An Entire Year

• February 16, 2012

by UrbanTurf Staff

For the third straight week, mortgage rates remain at a record low.

This morning, Freddie Mac reported 3.87 percent with an average 0.8 point as the average on a 30-year fixed mortgage. Rates have now been below 4 percent for eleven straight weeks and below 5 percent for 52 straight weeks.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates were unchanged this week amid mixed confidence measures. Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast breaking a five month trend.

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

This article originally published at http://chicago.urbanturf.com/articles/article/mortgage_rates_below_5_percent_for_an_entire_year/5148

1 Comment

1. Iman said at 3:08 pm on Wednesday June 27, 2012:

   Mortgage rates generally rise and fall along with Wall Street setiircues and generally reflect the overall direction of interest rates. By keeping an eye on mortgage market trends and key economic indicators, a borrower has a better chance of obtaining interest rate savings. I would venture to say that mortgage and especially rates and interest rates in general will be higher in the coming years. We are coming out of a period of Fed rates not seen since the 50’s. We saw the ten year reach 4.50% range recently which would usually have jumbo mortgages around 6.25% and conventional mortgages in the 5.75% range.