More record lows for mortgage rates
September 08, 2011 02:15PM
Mortgage rates continue to sink to new depths, seemingly shattering previous lows every week. In the week ending today, the 30-year and 15-year fixed-rate mortgages were at all-time lows, according to the Primary Mortgage Market Survey released today by Freddie Mac.
The 30-year fixed rate is 4.12 percent, down from 4.22 percent last week and 4.35 percent during the same period a year ago. The 15-year rate declined to 3.33 percent, down from 3.39 percent last week and 3.83 percent during the same week of 2010.
Five-year adjustable-rate mortgages matched the all-time low set last week of 2.96 percent, down from 3.56 percent last year. The one-year adjustable rate was down to 2.84 percent, also an all-time low.
"said Frank Nothaft, chief economist for Freddie Mac. Nothaft added that the U.S. is currently undergoing its longest streak of consecutive months where the unemployment rate is above 8 percent and said that the Federal Reserve's most recent economic review, released yesterday, warned of a bleak near-term future for the economy.
In addition to mortgage rates, the mortgage industry is suffering as recent reports show it cut 2,000 jobs this year. -- Adam Fusfeld
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