My Real Estate Blog

Freddie Mac today released the results of its Primary Mortgage Market Survey showing the 30-year fixed-rate mortgage set a new record for all-time lows. The 5-year also reached another new low in the survey while the 1-year ARM remained steady.

30-year fixed-rate mortgage averaged 4.17% with an average 0.8 point for the week ending November 11, 2010, down from last week when it averaged 4.24%. Last year at this time, the 30-year averaged 4.91%.

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.25% this week, with an average 0.7 point, down from last week when it averaged 3.39%. A year ago, the 5-year ARM averaged 4.29%.

Following the Federal Reserve (Fed) November 3rd policy announcement that it plans to purchase up to $600 billion in government securities, Treasury bond yields initially fell and then gradually rose again. This allowed mortgage rates to fall to record levels this week.

Posted by Jim McCowan on November 12th, 2010 6:45 AMPost a Comment (0)
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