Mortgage Rates Dip

Published by: Mike Goldman on 17th Jan 2011 | View all blogs by Mike Goldman
Mortgage Rates Dip

Freddie Mac reported last Thursday that mortgage rates dipped yet again with the average rate for a 30 year fixed mortgage falling from 4.77 percent the previous week to 4.71 percent.  The mortgage hit a 40-year low of 4.17 percent back in November.

The average rate for a 15 year fixed-rate, meanwhile, slipped from 4.13 percent to 4.08 percent last week, still well above the record-low rate of 3.57 percent set in November.  The rates were driven down by Treasury yields dropping in response to a weaker-than-expected December employment report, as mortgage rates are directly impacted by the yield on the 10-year Treasury note.

The drop in rates last week was the first in a while, as rates had been climbing since reaching record lows in November.  Analysts say rates won't dip far enough to reach the historic lows of 2010, unless the overall economy takes a severe downturn.  Higher rates will join the nation's continued high levels of unemployment, rising foreclosures, and falling prices as obstacles to a recovery in the nation's housing market.

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