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March 19th, 2009

Mortgage rates fall below 5%

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Largely in response to the Fed’s promise of injecting more money into the economy by buying over $1 trillion worth of Fannie and Freddie mortgage backed securities (MBS), the 30-year fixed rate mortgage fell to below 5% today:

By the close of business on March 19, the 30-year conforming FRM fell to 4.94%, according to Keith T. Gumbinger, a VP at HSHAssociates.com. That’s a fall of nearly a quarter percent since Wednesday.

That’s substantially lower than the 5.04% seen in January, which at that time was the lowest rate in about 50 years.

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About the HSH Blog

HSH.com'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 HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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