Lowest Interest Rate in 60 Years
Freddie Mac reported rates are the lowest since the government-sponsored enterprise began keeping records in 1971.
Today's average 30-year rate is even lower than the average 20-year or 25-year rate, which was the typical loan in the 1950s. Data from the National Bureau of Economic Research showed that between July 1950 and February 1951, long-term rates averaged 4.08 percent.
This week's average 30-year rate was 3.78 percent. Mortgage rates tend to track the yield on the 10-year Treasury note, which is approximately 1.74 percent and that rate is the lowest level since the Federal Reserve Bank started keeping daily records in 1962.
The average annual interest rates have dropped each year for the last 5 years and are now again lower for 2012!
· Average Interest Rate for YTD 2012 is 3.95%.
· Average Interest Rate for 2011 was 4.45%.
· Average Interest Rate for 2010 was 4.69%.
· Average Interest Rate for 2009 was 5.04%.
· Average Interest Rate for 2008 was 6.03%.
· Average Interest Rate for 2007 was 6.34%.
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