Average interest rate for fixed mortgages reach new lows

Mortgage rates sunk even further to new record lows during the week of September 15.Freddie Mac's recent Primary Mortgage Market Survey revealed new lows for mortgage interest rates.For the week ending September 15, 30-year fixed loans recorded an average rate of 4.09 percent. This average is down from 4.12 percent the week before and 4.37 percent during the same week the previous year. The average rate for a 15-year fixed loan was 3.3 percent, down from 3.33 percent the week before and 3.82 percent the year prior.”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,” said Frank Nothaft, Freddie Mac chief economist and vice president. “In comparison, the average interest rate of mortgages outstanding in the second quarter was 5.28 percent.”After showing no change during the previous week, the average rate for a five-year adjustable-rate mortgage increased to 2.99 percent from 2.96 percent. The rate is still below 3.55 percent recorded the previous year. One-year ARMs averaged a rate of 2.81 percent, down from 2.84 percent the week before and 3.40 percent in 2010.A recent report from employment company Manpower revealed Houston companies expect to increase hiring later this year. If interest rates remain low, a significant number of Houston properties may be sold before the end of 2011.Courtesy of 2M Realty News

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