Long term mortgage rates kept declining in September 2009 for the third month in a row after the jump that was registered in June 2009, according to data published by Freddie Mac based on its weakly Primary Mortgage Market Survey (PMMS).
According to the historical monthly averages compiled by Freddie Mac the average rate for 30-year fixed-rate mortgages dropped to 5.06% in September 2009 from 5.19% in August. Similarly, the rate for 15-year fixed-rate mortgages dropped to 4.49% from 5.61% in August.
For both long term mortgage rates, this was the third consecutive monthly decrease since June 2009, when both rates for 30-year and 15-year fixed-rate mortgages posted increases of 56 and 38 basis points, respectively.
As the graph below shows, since January 2008, the average monthly rates for 30-year and 15-year fixed-rate mortgages peaked in August 2008 at 6.48% and 6.03%, respectively.
Monthly Long Term Motgage Rates January 2008-September 2009
Sources:Freddie Mac,www.Property-Investing.org
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Return from Long Term Mortgage Rates to Market Watch
