Long-Term Mortgage Rates Hit Record Low!

Posted by: najirashid on Monday, March 30th, 2009

The Washington Business journal reported that the 30-year fixed-rate mortgage rate has dropped to its lowest level on record. The average rate is the lowest in McLean-based Freddie Mac’s weekly survey dating to 1971. Freddie Mac says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent.

Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM. Rates for 30-year FRMs peaked last year at 6.63 percent on July 24th. With last week’s 30-Yr FRM, the interest rate difference is almost 2 percentage points, which amount to a savings of about $225 in monthly mortgage payments for a $200,000 loan.

Topics: Buyers, Financing, First-Time Home Buyers, Interest Rates

 

Leave a Comment