The 15-year fixed mortgage rates this week were the lowest since Freddie Mac began the weekly Primary Market Mortgage Survey in 1991. The 15-year fixed mortgage interest rate averaged 4.32 percent for .6 point. Last week's average was 4.36 percent.
In addition, the 30-year fixed mortgage rates are nearing record breaking lows, averaging 4.83 percent with .7 point. This is down from last week's average of 4.91 percent. These mortgage interest rates are for the week ending November 19, 2009.
Compare Mortgage Interest Rates with Last Year's Rates
Mortgage rates have been on a decline, and are significantly lower than last year's low mortgage interest rates. Last year at this time, the 15-year fixed mortgage rate averaged 5.73 percent, which is 1.4 percent higher than this year's rate of 4.32 percent.
The 30-year fixed mortgage rates averaged 6.04 percent last year at this time, which is 1.2 percent higher than this year's low mortgage interest rate of 4.83 percent.
Best Interest Rates in History Continue to Decline
Mortgage interest rates have been on a decline for quite some time. In addition, the federal government has committed to keeping low interest rates, based on recent statements by Federal Reserve Chairman Ben Bernanke.
Again, the 15-year fixed mortgage interest rates are the best interest rates in the history of the Freddie Mac survey. The fixed mortgage rates on 30-year loans fell for the third week in a row. The mortgage interest rate for a 30-year fixed mortgage rate was the lowest since the week ending May 21st.
Low Mortgage Interest Rates Stimulate Loan Activity
The volume of applications for U.S. mortgages increased last week due to these low interest rates. These best interest rates in history are also contributing to an increased number of home sales. In addition to low mortgage interest rates, the housing market has been helped recently by low housing prices and recently extended homebuyer tax credits.
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