This morning Freddie Mac released its Primary Mortgage Market Survey for the week of September 1. Rates were largely unchanged from last week, with the popular 30-year fixed rate staying at 4.22%. The all-time low of 4.15% was recorded during the week of August 18th.
The average contract rate on a fifteen year fixed rate mortgage fell from 3.44% to 3.39%. 5/1 ARMs fell below 3.00% to 2.96%, while the 1-year ARM declined to 2.89%.
Interest rates are staying low because the Federal Reserve recently promised to maintain ultra-low rates through 2013. Additionally, bonds have rallied on renewed speculation that the economy could enter into a double-dip recession.
Total Mortgage has some of the best mortgage rates in the industry, consistently beating the national average. Currently we are offering the 30-year fixed rate mortgage to qualified borrowers at the rate of 4.125% with an APR of 4.279%. If you are interested in learning more about our rates or products, call us today at 877-868-2503.
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