Thursday, April 12, 2012

Freddie Mac: 15-Year Fixed-Rate Mortgage Hits New All-Time Record

by Bill McBride on 4/12/2012 08:52:00 PM

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.
...
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.
Freddie Mac Mortgage Rate SurveyClick on graph for larger image.

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!

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