The past week's mortgage rates, monitored by Freddie Mac’s Primary Mortgage Market Survey (PMMS), for 30 year fixed rate mortgages average 5.04 percent for the week ending September 17th. This is a small dip from last week's 5.07 percent. 30 year fixed rate mortgages averaged 5.78 percent the same time last year.
Regionally, 30 year fixed rate mortgages were highest in the north central region of the United States, averaging 5.07 percent, and lowest west, averaging 5.00 percent.
The 15-year fixed rate mortgages this week averaged 4.47 percent with an average 0.6 point, down from last week when it averaged 4.50 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 5.35 percent. This is the lowest the 15-year fixed rate mortgage has been since Freddie Mac started tracking it in 1991.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.51 percent this week, with an average 0.5 point, up from last week when it averaged 4.51 percent. A year ago, the 5-year adjustable-rate mortgage averaged 5.67 percent.
The one-year Treasury-indexed adjustable-rate mortgage averaged 4.58 percent this week with an average 0.5 point, down from last week when it averaged 4.64 percent. At this time last year, the 1-year adjustable-rate mortgage averaged 5.03 percent.
“Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at 3-month lows,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates for 30-year fixed-rate mortgages have averaged just above 5 percent through mid-September, which is roughly a percentage point below last year’s average and suggests that 2009 may reach a record annual low since the survey began in 1971.
“Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the National Association of Home Builder’s Housing Market Index.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
