Mortgage Rates
Published On: May 14, 2011
Rates on a 30-year fixed rate mortgage dropped to lowest level of 2011 according to mortgage giant, Freddie Mac. Dropping to 4.71% from 4.78% last week, the mortgage rates are still above the 40-year low seen in November of 2010.
As mortgage rates are closely tied in with long-term treasury bonds, the can change significantly even on a given day. The treasury notes fell this week after a report showing slower growth in April in the service sector, which employs nearly 90% of the workforce across the country.
Although the rates have remained around or below 5%, the high unemployment rate, declining home prices and tight lending standards have kept many potential homebuyers on the sidelines.
Freddie Mac collects mortgage rates weekly Monday through Wednesday from lenders across the nation.
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