Just Release, 30 Year Fixed Mortgage Rate Fell Under 5%, Official from Freddie Mac
Thursday, January 15, 2009, 30 year fixed mortgage rate fell again, now under 5%. Freddie Mac said the average 30-year fixed-rate mortgage fell for the 11th week in a row to 4.96%, with an average 0.7 point for the week ending Jan. 15. In the previous week, the average was 5.01%, while the year-ago average was 5.69%.
The continuing decline in 30-year fixed rate mortgages was partly attributed to the slowing economy and to government actions to help the housing sector, according to Frank Nothaft, Freddie Mac chief economist. “So far, both the U.S. Treasury Department and the Federal Reserve have added over $100 billion in liquidity to the mortgage market since September 2008, which place downward pressure on interest rates for fixed-rate mortgages.
The Federal Reserve may add up to an additional $570 billion more this year, based on its Nov. 25, 2008, announcement, to further shore up mortgage lending and keep rates low,” Nothaft said in a statement.
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Tags: 30 year fixed mortgage rate, Federal Reserve, Financial News, Freddie Mac, low mortgage interest rates, Mortgage lending, Mortgage or Home Loans, slowing economy, treasury departmentTags: 30 year fixed mortgage rate, Federal Reserve, Freddie Mac, low mortgage interest rates, Mortgage lending, slowing economy, treasury department
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