Thursday, September 29, 2011

Freddie Mac: Record Low Mortgage Rates

by Bill McBride on 9/29/2011 05:24:00 PM

Probably deserves a mention ... from Freddie Mac: Fixed-Rate Mortgages Lowest on Record

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), coming on the heels of the Federal Reserve's recent announcements. The conventional 30-year fixed averaged an all-time record low at 4.01 percent; likewise the 15-year fixed averaged an all-time record low at 3.28 percent for the week.
...
"Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs." [said Frank Nothaft, vice president and chief economist, Freddie Mac]
Earlier:
Weekly Initial Unemployment Claims decline sharply to 391,000
Misc: GDP revised up, Employment to be revised up, Germany approves EFSF changes, Pending Home sales decline
Kansas City Manufacturing Survey: Manufacturing activity expands "modestly" in September
Employment: Comment on preliminary annual benchmark revision