1 post tagged “30-year-fixed rate mortgage”
Freddie Mac today released a drop in mortgage rates which may give some relief to borrowers who are looking to refinance or buy a home.
The results of its Freddie Mac's Primary Mortgage Market Survey report that the 30-year fixed-rate mortgage averaged 6.31 percent with an average 0.5 point for this week ending September 13, 2007, down from last week when it averaged 6.46 percent.
Last year at this time, the 30-year FRM averaged 6.43 percent.The 15-year FRM this week averaged 5.97 percent with an average 0.4 point, down from last week when it averaged 6.15 percent.
A year ago, the 15-year FRM averaged 6.11 percent.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.17 percent this week, with an average 0.6 point, down from last week when it averaged 6.32 percent.
This time last year, the 5-year ARM averaged 6.10 percent.One-year Treasury-indexed ARMs averaged 5.66 percent this week with an average 0.8 point, down from last week when it averaged 5.74 percent. Also at this time last year, the 1-year ARM averaged 5.60 percent.
In fact, according to the latest Freddie Mac news release all the mortgage products in the company's survey this week were lower than they were at the same time last year.
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.
