Thursday, March 19, 2009

Chart of the Day: Mortgage Rates Hit Record Lows

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.98% with an average 0.7 point for the week ending March 19, 2009, down from last week when it averaged 5.03%. Last year at this time, the 30-year FRM averaged 5.87%. The 30-year FRM has not been lower since the week ending January 15, 2009, when it hit an all-time low of 4.96% in Freddie Mac's weekly survey survey.

MP: Watch for the Housing Affordability Index to reach a new record high on its next release.

4 Comments:

At 3/20/2009 10:49 AM, Blogger John Thacker said...

Mark,

The latest Traffic Volume Trends was released, this one for January 2009. Another year-on-year decline, this time of 3.1%.

This decline, and the 1.6% decline in December 2008, are notable for two reasons:
First, the price of gas has declined back down to normal levels, even below where it was a year ago in the comparisons.
Second, these year-on-year declines follow years that already saw reasonable decreases; December 2007 saw a 3.9% decline from December 2006, and January 2008 saw a 1.7% decline from January 2007.

As the great driving reduction proceeds in its second year, it shows no particular signs of slowing. The 12-month moving average of Vehicle Miles Traveled is now below that of March 2004, with a larger population and number of vehicles.

 
At 3/20/2009 10:50 AM, Anonymous C. B. / Temecula FHA Appraiser said...

How do I know if it is worth it to get my mortgage refinanced? Is there some rule of thumb? I heard that if you can get your rate lowered by at least 2 points that you should refinance. Is that true!

 
At 3/20/2009 3:17 PM, Anonymous andy weintraub said...

I just don't understand why long term interest rates aren't rising, what with the tremendous increase in the money supply which has to be inflationary.

 
At 4/16/2009 5:16 PM, Blogger pit bull mortgage school said...

National Hard Money Conference hosted April 30th call 858-736-7788 for info or view 3hardmoneylenders . com

 

Post a Comment

Links to this post:

Create a Link

<< Home