The 15-year FRM averaged 4.83% with an average 0.7 point, down from the prior week when it averaged 4.91%. A year ago at this time, the 15-year FRM averaged 5.68%. The 15-year FRM has not been lower since March 25, 2004, when it averaged 4.70%.
“Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac’s survey began in April 1971,” said Frank Nothaft, Freddie Mac vice president and chief economist. In addition, there are not been the same net affect to the commercial real estate market.
“Lower rates and falling house prices are also making home ownership more affordable to potential home buyers. For instance, house prices fell 18% over the 12-month period ending in October, according to the S&P/Case-Shiller 20-city composite index.”
