Thursday, January 03, 2013

Freddie Mac: Mortgage Rates Near Record Lows

by Bill McBride on 1/03/2013 12:07:00 PM

From Freddie Mac today: Mortgage Rates Start the New Year Near All-Time Record Lows

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates continuing to hover near their all-time record lows ...

30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average 0.7 point for the week ending January 3, 2013, down from last week when it averaged 3.35 percent. Last year at this time, the 30-year FRM averaged 3.91 percent.

15-year FRM this week averaged 2.64 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
The Freddie Mac survey started in 1971 and mortgage rates are currently near the record low for the last 40 years.

Freddie Mac Mortgage Rate Survey Click on graph for larger image.

This graph shows the 15 and 30 year fixed rates from the Freddie Mac survey since the Primary Mortgage Market Survey® started in 1971 (15 year in 1991).

Note: Mortgage rates were at or below 5% back in the 1950s.

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