The HSH Blog

Mortgage & Housing Market News from
December 12th, 2008 (Modified on December 17th, 2008)

30-year FRMs: Lowest since March 2004



Mortgage borrowers, start your engines: fixed-rate mortgages haven’t been this low since the spring of 2004. Our daily national average puts the 30-year conforming mortgage at 5.33%.

Jumbo mortgage rates haven’t fallen as far or as fast. That’s primarily due to the Treasury’s purchases of Fannie Mae and Freddie Mac paper which have helped to reassure investors that their purchases are, indeed, backed by Uncle Sam. The credit-pricing issues which have plagued the markets for months now still haven’t been worked out, and jumbo loans – while more affordable – cost on average 1.8% more than a comparable conforming loan. Back in the day, jumbos were priced at somewhere between one- and three-quarters percent. (We’re talking FRMs here; practically no one wants an ARM any more.)

If the lower rates are spurring you to action, you’re not alone; lenders everywhere are reporting a lot more activity than normal (whatever that means these days), which is remarkable given it’s the holiday season.

You already know it’s best to shop for the ‘best’ mortgage for your needs. We’d suggest you start with our Lender Showcase, but of course don’t be shy about calling lenders directly if you don’t see what you need.

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About the HSH Blog's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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