The Average US 30-year Mortgage Rate Hit 37-Yeal Low in 2009
The US 30-year mortgage rate increased in December 2009 but stayed below 5%, according to the results of the Primary Mortgage Market Survey (PMMS) carried out by Freddie Mac.
In particular, the monthly average rate for 30-year fixed-rate mortgages (FRMs) increased from 4.88% in November 2009 to 4.93% in December, representing an increase of 5 basis points. With the December results, the annual rate for 30-year fixed mortgages for 2009 came at 5.04%, representing the lowest rate recorded by the Freddie Mac survey since it started in 1972.
The 2009 average 30-year mortgage rate dropped 99 basis points compared to the rate that prevailed in 2008, when it averaged 6.03%.
The lowest average monthly 30-year mortgage rate registered by the survey in 2009 was 4.81% and was the average rate for the month of April.
The highest monthly 30-year mortgage rate registered in 2009 by the survey was 5.42% and was the average rate for the month of June. The graph below portrays the monthly average 30-year mortgage rates for the period January-December 2009, as published by Freddie Mac.
