U.S. Mortgages Rates Continue To Set New 60-Year Record Lows

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According to Freddie Mac's latest weekly Primary Mortgage Market Survey (PMMS), fixed-rate mortgages remaining near their 60-year lows as ongoing investor concerns over the European debt market kept Treasury bond yields low. The 30-year fixed averaged 4.09 percent, a new all-time low. The 15-year fixed, a popular refinancing option, also reached a new record low for the week averaging 3.30 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac tells the World Property Channel, "Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week.  In comparison, the average interest rate of mortgages outstanding in the second quarter was 5.28 percent. By refinancing into today's 30-year fixed mortgage, homeowners could shave almost $1,715 a year in interest payments on a $200,000 loan."

PMMS Key Facts

The 30-year fixed-rate mortgage (FRM) averaged 4.09 percent with an average 0.7 point for the week ending September 15, 2011, down from last week when it averaged 4.12 percent. Last year at this time, the 30-year FRM averaged 4.37 percent.

15-year FRM this week averaged 3.30 percent with an average 0.6 point, down from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week, with an average 0.6 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.55 percent.

1-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, down from last week when it averaged 2.84 percent. At this time last year, the 1-year ARM averaged 3.40 percent. 

Nothaft further commented, "Apart from just fixed-rate mortgages, various other interest rates are at or near all-time historical lows as well. Both the 10-year constant-maturity Treasury bond and AAA-rated seasoned corporate bond yields were at 50-year lows over the week ending September 9th. In addition, the 1-year constant-maturi

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