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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Freddie Mac: Record Low 15 Year Fixed Rate Mortgage
The interest rate on 15-year
fixed-rate mortgages (FRM) set another record low this week, according to
information released this morning by Freddie Mac.
The Primary Mortgage Market
Survey for the week ended November 19 showed rates down across the board, with
the 15 year FRM averaging 4.32 percent, the lowest rate since Freddie Mac began
tracking the mortgage in 1991. Last week
the 15-year averaged 4.36 percent. Fees
and points were unchanged at 0.6 point.
The 30-year FRM averaged 4.83
percent with 0.7 point, down from the average of 4.91 percent also with 0.7
point a week earlier.
Five-year Treasury-indexed
hybrid adjustable-rate mortgages (ARMs) averaged 4.25 percent, a decrease of 4
basis points. Fees and points were
unchanged at 0.6 point.
One-year Treasury-indexed
ARMs had an average rate of 4.35 percent compared to 4.46 percent during the
week ended November 12. Fees and points
increased from 0.5 to 0.6 point.
Frank Nothaft, Freddie Mac vice president and chief
economist said in a statement released with the survey results, "Interest rate
on 30-year fixed-rate mortgage loans fell for the third consecutive week to the
lowest since the week ending May 21st, while 15-year fixed rates were the
lowest since our records began in 1991. Low
fixed rates throughout the third quarter prompted an estimated $1.1 trillion in
refinancing activity, saving homeowners about $10 billion in aggregate monthly
payments over the first 12 months of their new loan. Moreover, for the fourth
consecutive quarter, more than 95 percent of prime borrowers who originally had
an ARM selected a conventional fixed-rate mortgage in the third quarter of this
year.
"Meanwhile, new home building showed some weakness in
recent months. Residential construction eased 10.6 percent (annualized) between
September and October, largely driven by a 33.3 percent decline in new
condominium and apartment buildings and represented the slowest pace since
records began in 1959. And homebuilder confidence in November remained a
relatively low level, according to the National Association of Home Builders."
Fannie Mae's average yields for the week ended
November 13 were also down. The 30-year
FRM dropped from 4.72 percent to 4.56 percent while the 15-year FRM fell below
four percent to 3.98. The previous week the
15-year yield was 4.07 percent.
Government guaranteed FHA and VA loans were also
down with an average yield of 5.47 percent compared to 5.52 percent a week
earlier.
Only Fannie's one-year ARM showed an increase, inching
up to 2.94 percent from 2.93 percent.
All
Fannie Mae yields are quoted net of servicing fees.
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YOUR MESSAGE HERE
Freddie Mac: Record Low 15 Year Fixed Rate Mortgage
The interest rate on 15-year
fixed-rate mortgages (FRM) set another record low this week, according to
information released this morning by Freddie Mac.
The Primary Mortgage Market
Survey for the week ended November 19 showed rates down across the board, with
the 15 year FRM averaging 4.32 percent, the lowest rate since Freddie Mac began
tracking the mortgage in 1991. Last week
the 15-year averaged 4.36 percent. Fees
and points were unchanged at 0.6 point.
The 30-year FRM averaged 4.83
percent with 0.7 point, down from the average of 4.91 percent also with 0.7
point a week earlier.
Five-year Treasury-indexed
hybrid adjustable-rate mortgages (ARMs) averaged 4.25 percent, a decrease of 4
basis points. Fees and points were
unchanged at 0.6 point.
One-year Treasury-indexed
ARMs had an average rate of 4.35 percent compared to 4.46 percent during the
week ended November 12. Fees and points
increased from 0.5 to 0.6 point.
Frank Nothaft, Freddie Mac vice president and chief
economist said in a statement released with the survey results, "Interest rate
on 30-year fixed-rate mortgage loans fell for the third consecutive week to the
lowest since the week ending May 21st, while 15-year fixed rates were the
lowest since our records began in 1991. Low
fixed rates throughout the third quarter prompted an estimated $1.1 trillion in
refinancing activity, saving homeowners about $10 billion in aggregate monthly
payments over the first 12 months of their new loan. Moreover, for the fourth
consecutive quarter, more than 95 percent of prime borrowers who originally had
an ARM selected a conventional fixed-rate mortgage in the third quarter of this
year.
"Meanwhile, new home building showed some weakness in
recent months. Residential construction eased 10.6 percent (annualized) between
September and October, largely driven by a 33.3 percent decline in new
condominium and apartment buildings and represented the slowest pace since
records began in 1959. And homebuilder confidence in November remained a
relatively low level, according to the National Association of Home Builders."
Fannie Mae's average yields for the week ended
November 13 were also down. The 30-year
FRM dropped from 4.72 percent to 4.56 percent while the 15-year FRM fell below
four percent to 3.98. The previous week the
15-year yield was 4.07 percent.
Government guaranteed FHA and VA loans were also
down with an average yield of 5.47 percent compared to 5.52 percent a week
earlier.
Only Fannie's one-year ARM showed an increase, inching
up to 2.94 percent from 2.93 percent.
All
Fannie Mae yields are quoted net of servicing fees.
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