Industry NewsMortgage

Mortgage rates at, near record lows

Demand for refis booms as lower limits for Fannie, Freddie, FHA loom
Published on Aug 11, 2011

Mortgage rates sank to or near all-time lows this week as turmoil in financial markets had investors moving money into the relative safety of bonds and mortgage-backed securities that fund most home loans.Rates on 30-year fixed-rate mortgage hit a low for the year, averaging 4.32 percent with an average 0.7 point for the week ending Aug. 11, Freddie Mac said in releasing the results of its latest Primary Mortgage Market survey.That's down from 4.39 percent last week and a 2011 high of 5.05 percent in February, and not far off an all-time low in records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010.Rates on 15-year fixed-rate mortgages, 5-year adjustable-rate mortgage (ARM) loans 1-year ARMs all hit new all-time lows this week.For 15-year fixed-rate mortgages, rates averaged 3.50 percent with an average 0.7 point, down from 3.54 percent last week the 2011 high of 4.29 percent in February. Rates on 15-year fixed-rate loans have never been lower in Freddie Mac survey...

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