It has been a while since I last provided an interest rate chart on this blog. Plus I was curious to see what the graph would look like. I knew rates were lower than earlier this year, but it’s always nice to see it plotted out.
As you can see in the chart below, after peaking at about 5.60% in the first week of June this year, the 30 year fixed rate has been hovering very close to 5.00%. The 15 year mortgage is also on a similar trend but at a slightly lower rate.
The good news is rates remain at historically low levels. The graph above is based on an average weekly mortgage rates provided by Freddie Mac. Of course the exact rate you receive is dependent on many factors.
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on Dec 29th, 2009 at 8:33 am
How do you see mortgage rates moving into 2010? At some point the fed will have to start pulling back on some of the programs and they just can’t keep the fed rate a zero indefinitely. Also what is your feeling on the housing market as a whole? Once the government programs like the tax credit come to an end don’t you think there is a chance for at least a short term drop in activity and housing price as demand will fall similar to what we saw with car sales and the cash for clunkers program.
on Jan 22nd, 2010 at 9:35 am
Is there more data on the correlation, either positive or negative, between current interest rates and rental rates in a specific market. For example, rental rates in phoenix seem to be flattening out.