Mortgage Rates Continue to Fall

Freddie Mac released on Friday, January 10, 2009, the results of its Primary Mortgage Market Survey (PMMS). According to the Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent for the week ending January 8, 2009, down from last week when it averaged 5.10 percent. Last year at this time, the 30-year FRM averaged 5.87 percent. The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971.