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via HomeFinder.com News by HomeFinder.com News on 10/3/11
According to Freddie Mac's recent Primary Mortgage Market Survey, interest rates for the nation's mortgages have reached their lowest point on record.
For the week ending September 29, the average rate for a 30-year fixed loan was 4.01 percent, down from 4.09 percent the week before and 4.32 percent during the same week the previous year. For 15-year fixed loans, the interest rate averaged 3.28 percent, which declined from 3.29 percent the week before and was down from 3.52 percent the previous year.
"Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities," said Freddie Mac chief economist Frank Nothaft. "Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs."
The rate for five-year adjustable-rate mortgages stayed at 3.02 percent for the second-straight week, while the average rate for one-year ARMs increased slightly to 2.83 percent, up from 2.82 percent.
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