Mortgage rates reach historic lows

TRD MIAMI /
Sep.September 01, 2011 02:39 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
Daily Digest Miami

Related is heading to the river, Soffer eyes Fontainebleau Miami Beach expansion: Daily digest

Related is heading to the river, Soffer eyes Fontainebleau Miami Beach expansion: Daily digest
Fannie Mae CEO Hugh R. Frater, and Freddie Mac CEO Donald H. Layton

Fannie Mae and Freddie Mac financing riskier mortgages to indebted homeowners

Fannie Mae and Freddie Mac financing riskier mortgages to indebted homeowners
Home buyers in front of a house (Credit: iStock)

Lenders opening doors to a wider swath of home buyers

Lenders opening doors to a wider swath of home buyers
Mortgage giant Freddie Mac names new CEO amid privatization talks

Mortgage giant Freddie Mac names new CEO amid privatization talks

Mortgage giant Freddie Mac names new CEO amid privatization talks
Buying a home just got easier for many in the gig economy

Buying a home just got easier for many in the gig economy

Buying a home just got easier for many in the gig economy
Private investors are buying more mortgage loans and reselling them as bonds

Private investors are buying more mortgage loans and reselling them as bonds

Private investors are buying more mortgage loans and reselling them as bonds
More Americans are paying mortgages on time

More Americans are paying mortgages on time

More Americans are paying mortgages on time
Should seniors take the rap for the gap in homeownership by millennials?

Should seniors take the rap for the gap in homeownership by millennials?

Should seniors take the rap for the gap in homeownership by millennials?
arrow_forward_ios

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

Loading...