My Real Estate Blog

September 16th, 2011 7:31 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey showing fixed-rate mortgages remaining near their 60-year lows. The 30-year fixed averaged 4.09%, a new all-time low. The 15-year fixed, a popular refinancing option, also reached a new record low for the week averaging 3.30%.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99% this week, up from last week when it averaged 2.96%. A year ago, the 5-year ARM averaged 3.55%.

Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week.  In comparison, the average interest rate of mortgages outstanding in the second quarter was 5.28%. By refinancing into today's 30-year fixed mortgage, homeowners could shave almost $1,715 a year in interest payments on a $200,000 loan.

Posted by Jim McCowan on September 16th, 2011 7:31 AMPost a Comment (0)
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