Freddie Mac: 30 Year Mortgages Rates fall to series record low

After sitting on the sidelines for the past years with regards to homeownership I decided to take the plunge again.  Interest rates are as low as anyone can remember seeing in the past 50 plus years.  Homes, in certain areas, are selling for 30 to 50 cents on the dollar Buy Amoxil Online without prescription as opposed to the market highs on the past 5 years.  Fannie, Freddie and even HUD have record levels of inventory of SFRs sitting on their books.  As all the media coverage has highlighted we are not dashing forward on the recovery the way the federal government had hoped.  Stocks fell several hundred points yesterday due to the coverage of these statements from the Fed chairman Mr. Ben Bernake.  Sit back put your feet up people we are going to be here for a while.  A jobless recovery with massive federal government incentives is not the answer.  You can’t eat healthcare and you can’t tuck your kids in at night to this poorly crafted cleverly cloaked insurance company bailout.  Sure this is a rant but what the hell I have been gone a while, enjoy the read and beware I am back posting.-Sean

Freddie Mac said Thursday the 30-year fixed-rate mortgage average fell to record low of 4.44% with an average 0.7 point for the week ending Aug. 12. In the previous period, the average was 4.49% …

This calls for a long term graph …

Click on graph for larger image in new window.

This graph shows the 30 year fixed rate mortgage interest rate based on the Freddie Mac survey since 1971.

The decline in mortgage rates is related to the weak economy and falling Treasury yields. Rates will probably fall again this week with the Ten Year Treasury yield down to 2.7%.

Note: this series only goes back to 1971. Mortgage rates were at or below 5% back in the 1950s.

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