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30-Year Fixed-Rate Mortgage at Nine Week Low

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mortgage_app_house_objectFreddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates fell following the Federal Reserve announcement that it will maintain its bond buying stimulus helping to keep homebuyer affordability elevated. The average rate on the 30-year fixed mortgage is at its lowest level since the week ending July 25, 2013.

The 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending September 26, 2013, down from last week when it averaged 4.50 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent.

“Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond buying stimulus,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated. For instance, the S&P/Case-Shiller® 20-city composite house price index rose 12.4 percent over the 12-months ending in July, which represented the largest annual increase since February 2006. In addition, more than half of the cities had annual growth exceeding 10 percent and four cities saw increases exceeding 20 percent.”

The 15-year FRM this week averaged 3.37 percent with an average 0.7 point, down from last week when it averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 2.73 percent.

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