Mortgage rates reach historic lows

New York /
Sep.September 01, 2011 02:38 PM

Mortgage rates are declining further amid continued weak economic and housing data, according to Freddie Mac’s Primary Mortgage Market Survey, released today. While the 30-year fixed rate held steady, the five-year adjustable rate mortgage set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.

For the second week in a row, the 30-year fixed-rate mortgages averaged 4.22 percent for the week ending today. Last year at this time, the 30-year FRM averaged 4.32 percent.

Fifteen-year fixed-rate mortgages this week averaged 3.39 percent, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.

“Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The economy grew at a slower rate of 1 percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports. In addition, consumer confidence in August fell to the lowest reading since April 2009, according to the Conference Board.” — Katherine Clarke


Related Articles

arrow_forward_ios
(iStock)

Mortgage requests surge ahead of Thanksgiving

Mortgage requests surge ahead of Thanksgiving
A recent study that found 1 in 10 Black homeowners returned to renting between 1984 and 2017 (iStock)

Black homeowners twice as likely to lose homes and return to renting: Report

Black homeowners twice as likely to lose homes and return to renting: Report
Federal Reserve chairman Jerome Powell (Getty; iStock)

Mortgage originations at 2nd highest level in 20 years: Fed

Mortgage originations at 2nd highest level in 20 years: Fed
The increase put an end to the “recent slump” that gripped the purchase market over the past seven weeks (iStock)

Over the slump? Home-purchase mortgages jump

Over the slump? Home-purchase mortgages jump
Peter Zinkovetsky (Photo via Zinkovetsky Law Firm)

NYC attorney launches virtual closing startup

NYC attorney launches virtual closing startup
(iStock)

Why veterans end up paying more for mortgages than they should

Why veterans end up paying more for mortgages than they should
 JPMorgan’s Marianne Lake (Getty, iStock)

JPMorgan walks back some mortgage constraints

JPMorgan walks back some mortgage constraints
(iStock)

Homebuying slump worsens as applications for mortgage loans drop

Homebuying slump worsens as applications for mortgage loans drop
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...