Low mortgage rates helping to stabilize the housing market.
Freddie Mac released the results of their mortgage market survey today, and the 30-year fixed mortgage averaged 5.19 percent during August 2009, compared with 5.22 percent in July. Last year at this time, the 30-year FRM averaged 6.40 percent. Mortgage rates remain historically low, which is helping to sustain a high level of affordability in the housing market. Low rates contributed to existing home sales rising for the fourth consecutive month.
The all-time low of 4.78% was recorded the week of April 2. Freddie Mac’s survey dates back to 1971.
Primary Mortgage Market Survey [Freddie Mac]