November 4th, 2011.
This week 30 year mortgage rates fixed at 4 percent marks the second lowest reading since it hit a record low of 3.94 percent on October 6, 2011, the lowest in history by the Primary Mortgage Market Survey (PMMS).
Frank Nothaft, chief economist at Freddie Mac says “Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” .
Mortgage rates breakdown for the week:
- 30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, down from last week’s 4.10 percent average. The 30-year fixed-rate mortgage is the second lowest on record, just behind the 3.94 percent record reached on Oct. 6. A year ago at this time, 30-year rates averaged 4.24 percent.
- 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent.
- 5-year adjustable-rate mortgages: averaged 2.96 percent this week, with an average 0.6 point, dropping from last week’s 3.08 percent. At this time last year, 5-year ARMs averaged 3.39 percent.
- 1-year ARMs: averaged 2.88 percent this week, with an average 0.6 point, dropping from last week’s 2.90 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent.
David Popoff is a license Realtor in Connecticut with William Raveis office in Darien. A life time resident of Fairfield County he has worked throughout lower Fairfield County for over 30 years and now resides in Darien, Ct since 2004.
- Member of the Darien, Greenwich and Greater Fairfield County MLS.
- Member of the Connecticut Association of Realtors, CAR.
- Member of the National Association of Realtors, NAR.
- Green Affiliations.
- Realtor GREEN designation by the National Association of Realtors.
- David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).
- Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
- Contact David Popoff for all your real estate needs in Darien, Greenwich, New Canaan, Rowayton and the rest of lower Fairfield County.