Current Mortgage Rates Down to 5.08% According to Freddie Mac

Freddie Mac just released it’s Primary Mortgage Market Survey that shows current mortgage rates declined this past week. Both long term fixed mortgage rates and shorter term adjustable mortgage rates declined this week over last week.

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30-year mortgage rates are currently at 5.08 percent for the week ending today,with an average 0.7 point, down from last week’s average mortgage rate of 5.14 percent. MonitorBankRates.com has today’s 30-year fixed mortgage rate at 5.13 percent.

The average 15-year mortgage rate also declined this week, the rate is currently at 4.54 percent for the week ending September 3, 2009. Down from the prior week’s average rate of 4.58 percent which an average 0.6 discount point. Last year 15-year mortgage rates were at 5.90 percent. Yesterday, the Mortgage Bankers Association reported in their survey that the average contract rate for a 15-year mortgage was 4.57 percent.

Five-year Treasury-indexed hybrid adjustable mortgage rates averaged 4.59 percent this week, with an average 0.6 point, down from the prior weeks’ average rate of 4.67 percent. Monitorbankrates.com has the average 5/1 conforming adjustable rate mortgage at 4.26 percent today.

The average one-year Treasury-indexed adjustable mortgage rate averaged 4.62 percent this week with an average 0.6 point, down from last week when it averaged 4.69 percent. The current average mortgage rate for a one-year ARM is listed at 4.40 percent at Monitorbankrates.com.

Comments from Frank Nothaft, Freddi Mac’s vice president and chief economist.

“Bond yields pushed mortgage rates slightly lower this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Low mortgage rates are helping to keep housing very affordable. Seven of the top eight most affordable months occurred during this year, according to the National Association of Realtors’® (NAR) Housing Affordability Index, which dates back to 1971. As a result, pending sales of existing homes rose for the sixth straight month in July, a trend not seen since the NAR began reporting data in 2001. Moreover, July’s sales were the strongest since June 2007.

“Overall, inflation remains in check while certain sectors of the economy are experiencing some improvement. The core price index on consumer expenditures, a key indicator tracked by the Federal Reserve, rose 1.4 percent in July from the same time a year earlier and represented the smallest 12-month increase since October 2003. Meanwhile, the manufacturing industry expanded for the first time in 19 months, according to the Institute of Supply Management.