Freddie Mac's latest Primary Mortgage Market Survey revealed new lows for interest rates on the nation's home loans.
For the week ending September 8, the average rate for a 30-year fixed loan settled at 4.12 percent, down from 4.22 percent the previous week and 4.35 percent during the same week the year before. Rates for 15-year fixed loans averaged 3.33 percent, falling from 3.39 percent the week before and 3.83 percent the previous year.
Before these record lows, the previous benchmarks had been reached during the week of August 18, 2011, Freddie Mac reports.
"Market concerns over Eurozone sovereign debt default and a weak U.S. employment report for August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows this week," said Frank Nothaft, Freddie Mac's vice president and chief economist.
The average rate for one-year adjustable-rate loans also declined, settling at 2.84 percent, down from 2.89 percent the week prior and 3.46 percent the year before. The rate for a five-year ARM stayed at 2.96 percent for the second-straight week.
A recent report from the Federal Reserve Bank of Dallas showed better economic activity in Texas. With more jobs available and home loan rates low, a greater number of Houston properties may soon be sold.
Courtesy of 2M Realty News