by Bill McBride on 4/12/2012 08:52:00 PM
Thursday, April 12, 2012
From Freddie Mac: 15-Year Fixed-Rate Mortgage Hits New All-Time Record Low
Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates declining for the third consecutive week ... The 30-year fixed averaged just above its record low while the 15-year fixed averaged a new all-time record low of 3.11 percent breaking its previous low of 3.13 percent on March 8, 2012.Click on graph for larger image.
30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.7 point for the week ending April 12, 2012, down from last week when it averaged 3.98 percent. Last year at this time, the 30-year FRM averaged 4.91 percent.
This graph shows the 15 and 30 year fixed rates from the Freddie Mac survey. The Primary Mortgage Market Survey® started in 1971 (15 year in 1991).
This reminds me: I had an 11% assumable mortgage on a house I was selling in the early '80s, and the "low" mortgage rate was a strong selling feature!
Posted by Bill McBride on 4/12/2012 08:52:00 PM