Complain about a product or service

Long-Term Mortgage Rates Drop

September 2, 2005
The latest survey from Freddie Mac shows the 30-year fixed-rate mortgage (FRM) averaged 5.71 percent, with an average 0.6 point, for the week ending September 1, 2005, down from last week when it averaged 5.77 percent. Last year at this time, the 30-year FRM averaged 5.77 percent.

Mortgage Crisis? Act Now to Avoid Foreclosure • Avoiding Foreclosure Takes More Than Hope --- • Nearly One In Four Homeowners Under Water • Existing Home Sales Jump 10 Percent • Mortgage Delinquencies Still Climbing • Realtors See Signs Of Housing Turnaround • Zillow.com: Fewer 'Underwater' Homeowners In Third Quarter • Distressed Homeowners May Be Able To Rent Their Homes • Should You Walk Away From Your Underwater Mortgage? • Home Prices Rise Four Months In A Row • Consumer Credit Plunges In August • Study: Action By Feds Made Housing Crisis Worse • Mortgage Lender's Collapse Leaves Borrowers Adrift • Bank of America, Wells Fargo Hit With Class Action • Bank Sees Dim Future For Homeowners • Ohio Sues Mortgage Servicer Over Lack Of Modifications --- • More ...

The average for the 15-year FRM this week is 5.32 percent, with an average 0.5 point, down from last week when it averaged 5.35 percent. A year ago, the 15-year FRM averaged 5.15 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.30 percent this week, with an average 0.6 point, unchanged from last week when it averaged 5.30 percent.

One-year Treasury-indexed ARMs averaged 4.48 percent this week, with an average 0.7 point, down from last week when it averaged 4.56 percent. At this time last year, the one-year ARM averaged 3.97 percent.

"Market jitters about high energy costs and the spill over into other sectors of the economy have led to a decline in bond yields, which typically means lower mortgage rates," said Frank Nothaft, vice president and chief economist at Freddie Mac. "And speculation that the Federal Reserve may soon take a break in raising short-term rates reduces upward pressure on long- and short-term interest rates.

"As if all that wasn't enough, the devastation caused by Hurricane Katrina and the echo effects on future energy prices in the U.S. may mean that mortgage rates will fall even further in the coming days ahead."

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Share		Follow us on Twitter.

Back to the top |