US long-term mortgage rates declined for second month in a row in October 2009, according to FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. The MIRS results are based on loans closed during the October 26-31 period, but they reflect market conditions that prevailed in mid- to late-September, since the loan rate is typically determined 30 to 45 days before the loan is closed.
According to the results of the survey, the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less decreased to 5.10% in October 2009, representing a 13 basis point drop compared to the average rate of 5.23% that prevailed in September and a 20 basis point drop compared to the average rate of 5.30% that prevailed in August. Note that the lowest rate for 30-year, fixed-rate mortgage loans in the last 12 months (November 2008 to October 2009) was registered in April 2009 when it averaged 4.87%.
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Mortgage rates declined also in the case of 15-year loans. In particular, the average interest rate on conventional 15-year, fixed-rate, mortgage loans of $417,000 or less decreased to 4.62% in October 2009, representing a 15 basis point drop compared to the average rate of 4.77% that prevailed in September and a 30 basis point drop compared to the average rate of 4.92% that prevailed in August. Note that the October 2009 rate is the lowest rate registered by the FHFA survey for conventional 15-year, fixed-rate mortgage loans in the last 12 months.
The graphs below depicts the average monthly rates for 30-year and 15-year mortgages over the last 12 months.
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US Mortgage Rates for 30-Year Loans November 2008-September 2009
Sources: Federal Housing Finance Agency,www.Property-Investing.org
US Mortgage Rates for 15-Year Loans November 2008-September 2009
Sources: Federal Housing Finance Agency,www.Property-Investing.org
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