Mortgage Interest Rates

Its hard to believe but 2009 is almost half over. So, just out of curiosity I took a look at how interest rates have done for the first half of this year. What becomes apparent as you review these charts is that rates fell for a great portion of the year but have been on an upswing of sorts recently. Of course no one knows what will happen in the future but it is important to remember that mortgage interest rates remain at historically low levels.





Data source: Freddie Mac Weekly Primary Mortgage Market Survey

Looking Back at 30 Year Mortgage Rates

I was curious so I plotted how the 30 year fixed mortgage rate has been doing over the past year. I thought I’d share it with you:


Data is from the Freddie Mac weekly primary mortgage market survey.

Mortgage Rates Fall, U.S. Seeks Further Interest Rate Reduction

With the US Treasury purchasing $600 billion in mortgage backed securities mortgage rates are falling. There is also a plan being floated where the government would set the 30 year mortgage rate at 4.50% on home purchases – almost 1% below current market rates.  The idea being of course that the whole thing started with housing, might as well end it with housing as well. I am sure we all agree that no one really knows the exact solution to cure this crisis.

Regardless here is a snapshot of how rates have fallen in the past few weeks (source: Freddie Mac Weekly Rates):

For reference Freddie Mac reported a weekly average mortgage rate of 6.100% on the first week of October. This week rates are averaging in the 5.500% range.

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