For the week ending January 8, 2009, Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.6 point. The new, low rate  is down from last week when it averaged 5.10 percent.  Last year at this time, the 30-year FRM averaged 5.87 percent.  The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.

the 15-year FRM this week averaged 4.62 percent with an average 0.7 point, down from last week when it averaged 4.83 percent.  A year ago at this time, the 15-year FRM averaged 5.43 percent.  The 15-year FRM has not been lower since June 13, 2003, when it averaged 4.60 percent.

According to Frank Nothaft, Freddie Mac vice president and chief economist, "Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae."  He added, "On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June of this year." For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008.

If you are interested in taking advantage of these record-breaking, low interest rates and purchasing property in the Pitt County or Greenville, NC area, please contact The Pistol Tingen Team at 252-321-6161.