Freddie Mac reported today that for the second straight week 30-year fixed mortgages fell again while still remaining above the record lows from earlier this year.
This week the average rate for a 30-year fixed home mortgage is now 5.2 percent, the lowest level in six weeks, which is down from 5.32 percent from last week.
Compared to this time last year, the average rate for a 30-year fixed mortgage was at 6.37 percent and reached a record low of 4.78 percent in the first quarter of this year. However, last month rates began to climb and reached a high of 5.6 percent when investors were concerned with the climbing government debt and increased inflation.
The decrease in the 30 year fixed mortgage rate is attributed to several factors including continued weak employment rates and more defaults on home equity loans that rose to a record high of 3.52 percent in the first 3 months of 2009.
Following the 30 year fixed mortgage rate was the 15 year fixed mortgage rate which also fell to 4.69 percent, down from 4.77 percent from the previous week.
This is just more good news for buyers trying to break into the housing market at this time.