News Column

U.S. Fixed Mortgage Rates Near Record Lows

Sept. 23, 2011
Mortgage

U.S. fixed mortgage rates this week held steady near record lows, according to the Primary Mortgage Market Survey released Thursday by Freddie Mac.

The mortgage giant said that the 30-year fixed-rate mortgage (FRM) was 4.09 percent for the week ending Sept. 22, 2011, matching last week's figure. Last year at this time, the 30-year FRM averaged 4.37 percent.

The 15-year FRM averaged 3.29 percent, down from its previous week average of 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) edged up to 3.02 percent from last week's 2.99 percent, the company said.

In addition, the one-year Treasury-indexed ARM averaged 2.82 percent this week, up from last week's 2.81 percent.

"A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week," said Frank Nothaft, vice president and chief economist of Freddie Mac.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets.


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Source: Copyright Xinhua News Agency - CEIS 2011


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