Average Rate On 30-Year Mortgages Falls Below 4 Percent For First Time | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Average Rate On 30-Year Mortgages Falls Below 4 Percent For First Time

Mortgage rates are in uncharted territory.

"The average rate on the 30-year fixed mortgage fell to 3.94 percent this week, the lowest rate ever," The Associated Press reports. "Freddie Mac says the average rate ... dropped from 4.01 percent last week, the previous low."

And, "the average rate on a 15-year fixed loan dipped to 3.26 percent, also a record."

Freddie Mac, the federally chartered institution that purchases mortgage loans and mortgage-related securities for investment and issues guaranteed mortgage-related securities, posts its weekly reports on mortgage rates here. The averages are based on surveys of 25 major lenders around the nation.

While falling rates are good news for some would-be homebuyers and some homeowners who want to refinance their loans, The Wall Street Journal's Developments blog asks an important question:

Will many people care?

Developments writes that:

"Reflecting both tight credit standards and anemic demand, applications for mortgages actually fell last week, according to a separate report from the Mortgage Bankers Association on Wednesday. The MBA said overall mortgage application volume was down by a seasonally adjusted 4.3% from the prior week.

"Many borrowers can't refinance today because they don't have enough equity or they can't qualify under lending standards that are far tougher than when they initially obtained their mortgages."

Copyright 2011 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Christmas Bells Are Ringing, And Cable Holiday Movies Are Unrelenting

Christmas cable movies are a genre unto themselves. We take a look at some of the Hallmark (and other) romances that are surprisingly big business this time of year.
NPR

Stories Of Your First Thanksgiving In The U.S.

Not surprisingly, many of the stories we heard from you were about food. You had issues roasting the turkey. Your mom found, um, a creative solution to making your bird a golden brown.
NPR

Judge Rules Fewer Political Groups Can Keep Their Donors Secret

The ruling targets the funders of campaign issue ads that encourage viewers to choose a specific candidate. The FEC now must decide whether it will appeal the ruling or require more disclosure.
NPR

In Darren Wilson's Testimony, Familiar Themes About Black Men

Wilson's descriptions of Michael Brown reminded some people of negative depictions of African-Americans in history. Recent studies suggest these perceptions have deeper psychological roots.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.