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/Illustration by Kevin Rebong for The Real Deal)
Watchdog org: Put home-sale commissions in buyers’ hands
Watchdog org: Put home-sale commissions in buyers’ hands
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
Capital pains: How lenders are getting creative to get paid
Capital pains: How lenders are getting creative to get paid
Capital pains: How lenders are getting creative to get paid
(iStock)
Refinancing has saved homeowners billions, but window is closing
Refinancing has saved homeowners billions, but window is closing
RIP: Zombie homes on the decline
RIP: Zombie homes on the decline
RIP: Zombie homes on the decline
NY seeks $540M in mortgage aid. Homeowners need $6B
NY seeks $540M in mortgage aid. Homeowners need $6B
NY seeks $540M in mortgage aid. Homeowners need $6B
arrow_forward_ios

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

Loading...