So much for last week’s prediction of a bottom in mortgage rates! Freddie Mac’s weekly survey of rates show released Thursday shows a new record low. The national average interest rate on a 30-year-fixed-rate mortgage was 4.32% (with 7/10 point given on average to obtain that rate).
In the Southwest Region of the country (including, of course, Flagstaff, AZ), rates were not quite as low as the national number. But at 4.39% on average, home loan rates were still pretty low in our area of the country. The home buyer on one of my Flagstaff home listings locked in at 4% on Friday, so next week’s survey could be hitting another record.
Amy Crews Cutts, deputy chief economist of Freddie Mac, noted in the press release that “kept overall inflation expectations well at bay. Fed chairman Bernanke reiterated this in his August 27th speech in Wyoming, noting that with inflation expectations reasonably stable and the economy growing, inflation should remain near current readings for some time before rising slowly. As a result, mortgage rates eased further this week to new historic lows.” She also noted that in the week’s home price news, nationally home prices seemed to be stabilizing.
Here are some of Freddie Mac’s numbers for the week:
 
To see all the Freddie Mac mortgage rate charts for the week, click here.
For a list of Flagstaff mortgage brokers to consult as you plan your Flagstaff home purchase, click here.
To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.
To search the Flagstaff MLS, click here!
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