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