Mortgage Rates Drop Below 4 Percent For First Time
This morning, rates on 30-year mortgages dropped below 4 percent for the first time ever. Freddie Mac reported 3.94 percent with 0.8 of a point as the average on a 30-year fixed mortgage, the lowest rate since tracking began in 1971. Long-term mortgage rates have now dropped for five out of the last six weeks.
From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:
“Average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew.”
Here’s a look at the path of rates since last January:
See other articles related to: mortgage rates, interest rates, freddie mac
This article originally published at http://chicago.urbanturf.com/articles/article/mortgage_rates_drop_below_4_percent_for_first_time/4300
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