30 Year Mortgage Rates Remain at 5.04% This Week According to Freddie Mac

30 year mortgage rates remain at  5.04 percent for week ending September 17, 2009 according  to the most recent Primary Mortgage  Market Survey released by Freddie Mac.  That rate is unchanged from the prior week’s average 30-year mortgage rate of 5.04 percent. Average discount points remained the same at 0.6 percent.

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Average 15 year mortgage rates for the week ending September 17, 2009 stayed under 4.50 percent at 4.46 percent, with average discount points at 0.6 percent. The prior week’s average 15-year mortgage rate was at 4.47 percent. The 4.46 percent mortgage rate is a new low since Freddie Mac started tracking it in 1991.

5 year Treasury Indexed adjustable rate mortgages remained the same at 4.51 percent with an average discount point of 0.5 percent, for the week ending September 17. Last year at this time 5 year Treasury Index adjustable rate mortgages were at 5.67 percent.

One year Treasury Indexed adjustable mortgage rates are at 4.52 percent, with an average 0.5 discount points, for the week ending September 17. Down from the prior week’s average mortgage interest rate of 4.58 percent.Today’s mortgage rates are lower than they were last year.

Here are this week’s PMMS comments from Frank Nothaft, Freddie Mac vice president and chief economist.

“Mortgage rates held relatively steady at three-month lows this week.  Correspondingly, the Mortgage Bankers Association reported that mortgage applications jumped 12.8 percent over the week of September 18th to the strongest pace since late May, boosted by refinancing activity”.

“In its September 23rd policy statement, the Federal Reserve (Fed) indicated that it plans to keep its benchmark interest rate exceptionally low for an extended period.  This will likely benefit consumers who opt for ARMs, because they are typically tied to shorter-term interest rates.  The Fed also noted that activity in the economy and housing market has picked up and financial markets have improved.”