This pretty much speaks for itself — from Freddie Mac, with thanks to Calculated Risk for the pointer:
Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage rate fell again to break the survey’s all-time low; the 30-year FRM has been under 5 percent for 23 weeks in a row. The last time 30-year FRM rates were this low was April 1951 (based on a data series of FHA rates going back to 1948). The 5-year ARM tied the all-time survey low set last week.
– 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.8 point for the week ending October 14, 2010, down from last week when it averaged 4.27 percent. Last year at this time, the 30-year FRM averaged 4.92 percent.
– 15-year FRM this week averaged a record low of 3.62 percent with an average 0.7 point, down from last week when it averaged 3.72 percent. A year ago at this time, the 15-year FRM averaged 4.37 percent.
And here’s a graph from Calculated Risk illustrating this year’s resurgence of the refinancing index as 30-year rates have declined:
As CR notes, refinancing levels are still below previous peaks from the past decade. Because so many mortgage borrowers are either underwater or have little equity in their homes, it requires increasingly rates for them to refinance.
Related links:
Refinance activity and mortgage rates – Calculated Risk
30-yr FRM under 5 percent - Freddie Mac