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Mortgage Rates Attain New All-Time Record Lows Again

Press release from the issuing company

Friday, September 9th, 2011

Freddie MacFMCC today released the results of itsPrimary Mortgage Market Survey®(PMMS®), showing mortgage rates, fixed and adjustable, hitting all-time record lows amid market and employment concerns and economic uncertainty. The previous record lows for fixed mortgage rates, and the 1-year ARM, were set the week ofAugust 18, 2011. The 5-Year ARM matched its all-time low set last week at 2.96 percent.

News Facts

  • 30-year fixed-rate mortgage(FRM) averaged 4.12 percent with an average 0.7 point for the week endingSeptember 8, 2011, down from last week when it averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.35 percent.
  • 15-year FRMthis week averaged 3.33 percent with an average 0.6 point, down from last week when it averaged 3.39 percent.A year ago at this time, the 15-year FRM averaged 3.83 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 2.96 percent this week, with an average 0.6 point,the same as last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.56 percent.
  • 1-year Treasury-indexed ARMaveraged 2.84 percent this week with an average 0.6 point, down from last week when it averaged 2.89 percent. At this time last year, the 1-year ARM averaged 3.46 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links forRegional and National Mortgage Rate DetailsandDefinitions.

Quotes

Attributed toFrank Nothaft, vice president and chief economist, Freddie Mac.

  • "Market concerns over Eurozone sovereign debt default and a weak U.S.employment reportfor August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows this week. On net, the economy added no new jobs last month and was the weakest reading sinceSeptember 2010. Meanwhile, the unemployment rate remained at 9.1 percent, marking its 31st consecutive month of being above 8 percent, the longest such stretch in 70 years.
  • "The Federal Reserve (Fed) painted a bleaker picture as well in itsSeptember 7thregional economic review. Seven of its 12 Districts reported more subdued views of business conditions. Many of the Fed's manufacturing contacts downgraded or became more cautious about their near-term outlooks due to increased economic uncertaint