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Current Mortgage Rates Hit Summer Low

Posted by  on Oct 08, 2009
 

Lowest Mortgage Rates Of The Summer According To Freddie Mac's Primary Mortgage Market Survey

Every week Freddie Mac surveys the best mortgage lenders to determine the interest rates and points they are offering their purchase and refinance clients. On August 20, 2009 the average 30 yr fixed was 5.12% with .7 points which is now the summer low.

The final weekly report of the summer, August 27, 2009, the average 30 year fixed came in just above the low at 5.14% with .7 points. If you need a new home loan for a purchase or refinance, it is a good idea to check the Freddie Mac Primary Mortgage Market Survey and compare it to your mortgage lender's offer.

To find the best mortgage lenders in your area, start here.

Today's Mortgage Rates May Move Back Up

Long-term mortgage rates and ten-year Treasury notes have been in greater demand lately as the bear market rally in stocks comes to an apparent end. The question now is will upcoming economic news continue to signal recovery or will there be a double dip recession and a re-testing of the stock market lows of last March.

If the economy starts to weaken it will likely be due to higher unemployment and an increase in foreclosures. A weaker economy would mean that the Federal Reserve would likely leave interest rates at their current lows. It would also mean that fixed income bonds and treasury notes would continue to be a favorite place to put money, helping today's mortgage rates to remain low.

It the economy continues to show signs of recovery, you can expect to see mortgage rates rise.

The U.S. Bureau of Labor Statistics is the primary source of unemployment data. The news and trends section of RealtyTrac has up to date foreclosure statistics.

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