Mortgage Rates Dip Again

Freddie Mac's Primary Mortgage Market Survey

August 24, 2009

Freddie Mac released a survey last week which showed that 30-year mortgages dipped to their lowest levels since the end of May, with the average rate for a 30-year fixed-rate mortgage at 5.12 percent for the week ending August 20. By comparison, the average rate for 30-year fixed-rate mortgages was 6.47 percent at this time last year.

Freddie Mac's Primary Mortgage Market Survey reported that, "Low mortgage rates are helping to reinforce the housing market. New construction on one-family homes rose for the fifth consecutive month in July to an annualized pace of almost 500,000 homes, the most since October 2008."