The US 15-Year Mortgage Rate Hit 18-Yeal Low in November 2009
The US 15-year mortgage rate hit an 18-year low in November 2009, according to the results of the Primary Mortgage Market Survey (PMMS) carried out by Freddie Mac.
In particular, the monthly average rate for 15-year fixed-rate mortgages (FRMs) decreased from 4.39% in October 2009 to 4.34% in November, representing the fifth consecutive drop since June 2009 when US rates for 15-year FRMs averaged 4.90%. The November 2009 average 15-year mortgage rate was the lowest recorded ever by the PMMS since 1991 when the survey started.
On a year-over-year basis the 15-year mortgage rate dropped 145 basis points from the rate that prevailed in November 2008, when it averaged 5.79%.
The highest monthly 15-year mortgage rate registered year-to-date as of November 2009 by the survey was 4.90% and was the average rate for the month of June. The graph below portrays the monthly average 15-year mortgage rates for the period January-November 2009, as published by Freddie Mac.
US Monthly 15-Year Mortgage Rates January-November 2009
