Athens GA Properties, Athens Georgia Homes, and Athens Real Estate

Freddie Mac today released its weekly survey of interest rates across the country in which the 30-year fixed mortgage rate averaged 5.53%, down from last week when it averaged 5.97%. The 30-year note has not been this low since January 24, 2008, when it was 5.48%.

The 15-year mortgage this week averaged 5.33%.  Last year at this time, the 15-year average mortgage rate was at 5.65%. 

“After Federal Reserve actions to increase liquidity in the mortgage market, interest rates for fixed-rate mortgages (FRMs) took a dive,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This week’s decline was the largest since the week of November 27th, 1981, and 30-year FRM rates are now almost a full percentage point lower since the last week in October.”

“The recent plunge in rates contributed to the nearly 150 percent jump in conventional mortgage applications over the Thanksgiving week, led by almost a 300 percent surge in refinances, according to the Mortgage Bankers Association. Roughly three out of four mortgage applications were for refinance transactions, up from around half during the prior week.”