Yesterday Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending on Thursday, November 13, 2008, in which 30-year fixed-rate rates averaged 6.14%, down from last week when it averaged 6.20%. This week a year ago the 30-year mortgage averaged 6.24%.
The 15-year mortgage rate this week averaged 5.81%, a drop from last week when it averaged 5.88%.
“Long-term mortgage rates fell slightly this week as signs the overall economy is weakening brought interest rates down market-wide,” said Frank Nothaft, Freddie Mac vice president and chief economist. “In addition, the actions of the Fed in recent weeks to assist commercial paper markets appear to be thawing part of the credit freeze that has gripped capital markets in the U.S., giving banks some breathing room. This is the second week that rates have come down for fixed-rate mortgages.”
Stumble It!
Stumble It!
