by Barton Eckert
March 26, 2009
The 30-year fixed-rate mortgage rate has dropped to its lowest level on record.
The average rate is the lowest in Freddie Mac's weekly survey dating to 1971. Freddie Mac (NYSE: FRE) says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of McLean, Va.-based Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
The 15-year FRM this week averaged 4.58 percent with an average 0.7 point, down from last week when it averaged 4.61 percent. A year ago at this time, the 15-year FRM averaged 5.34 percent. The 15-year FRM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM.
Rates for 30-year FRMs peaked last year at 6.63 percent on July 24th. With this week's 30-year FRM, the interest rate difference is almost 2 percentage points, which amounts to a savings of about $225 in monthly mortgage payments for a $200,000 loan.
For link to article, please visit http://seattle.bizjournals.com/seattle/stories/2009/03/23/daily43.html
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