US Rate on 15-Year Mortgage at Record Low

By: Associated Press
By: Associated Press

Financing Homeownership & Rental Housing in Michigan

One of Freddie Mac's key priorities is providing constant, stable support to the housing market. Since we were created, we've continued to supply an ongoing stream of funding for mortgages, every day, in all geographic markets, and in good times and bad. Over the past decade (2002-2011), Freddie Mac has invested approximately $159.40 billion in home loans, helping 1,282,415 families in Michigan own or rent a home.

Period FM Investment Homeowners Served Renters Served Total Families Served
2012 $12.16 billion 78,000 9,039 87,039
Past 10 Years $159.40 billion 1,132,031 150,384 1,282,415

For the full year 2012, Freddie Mac:

  • Enabled 3,139 homebuyers in Michigan to purchase their first home.
  • Financed loans for 22,987 low income families in Michigan.
  • Funded home loans with an average mortgage of $146,505.35.

Freddie Mac

WASHINGTON (AP) -- The average U.S. rate on the 15-year fixed mortgage fell to a new record low last week, and the rate on the 30-year fixed loan declined. Cheaper mortgages have encouraged more home-buying and refinancing.

Mortgage buyer Freddie Mac says the average rate for the 15-year fixed mortgage slipped to 2.56 percent. That's the lowest on records dating to 1991. It fell from 2.61 percent last week, the previous record.

The rate on the 30-year loan declined to 3.35 percent from 3.40 percent last week. That's near the average rate of 3.31 percent reached in November, the lowest on records dating back to 1971.

Low mortgage rates have helped sustain a housing recovery that began last year. Home prices and sales are rising, and construction is up.

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