30-Year Mortgage Rates
December 17, 2011 by staff
30-Year Mortgage Rates, The average rate on the 30-year fixed mortgage has dropped to 3.94 percent, the record low set in October. The rate on the 30-year home loan fell from 3.99 percent the previous week, Freddie Mac said Thursday. This week’s 3.94 percent average matches the lowest on records dating to the 1950s.
The average on the 15-year fixed mortgage fell to 3.21 percent from 3.27 percent. That’s also a record.
Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year Treasury yield.
Rates have been below 5 percent for all but two weeks this year. Even so, this year could end up as the worst for home sales in 14 years.
Sales of previously occupied homes are just slightly ahead of last year’s dismal sales figures — and those were the worst in 13 years. And new-home sales appear headed for their worst year on records dating back 50 years.
Also Thursday, foreclosure listing firm RealtyTrac Inc. said the number of homes in foreclosure and scheduled to be auctioned hit a nine-month high last month.
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