The average rate on a 30-year fixed rate loan dipped back near all-time lows again this week, according to Freddie Mac’s Weekly Primary Mortgage Market Survey (PMMS) for the week ending October 1, 2009.
The average rate now stands at 4.94%. That is the lowest level since May 28th, and approaching the record low set on April 30, 2009. A year ago the average rate stood at 6.10%.
It is important to remember that these rates are just averages. Actual rates will vary for each home borrower depending on loan type, size of down payment, and the borrower’s credit score, among other things.
Besides the interest rate, a borrower should keep an eye out for the fees and points that a lender is charging for the loan. Along with interest rate, those fees and points combine to make up the actual cost of the loan reflected in the Annual Percentage Rate or APR.
According to the PMMS, the average fees and points charged on the 30-year fixed rate loan is holding steady at 0.7, which is where it has been for most of the year.
Visit http://www.freddiemac.com/pmms/ for additional information on the history of mortgage rates.
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