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Fixed-Rate Mortgage

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November Job Loss Drives Down Bond Yields, Fixed Mortgage Rates 

Dec 11, 2008By

Long-term mortgage rates continued to decline for the week ending Dec. 11, bringing the 30-year fixed rate mortgage (FRM) average down to 5.47 percent with an average 0.7 point — the lowest level in more than four years — according to the weekly mortgage market survey released Thursday by Freddie Mac [stock FRE][/stock]. The average has not been lower since the week of March 25, 2004, when it stood at 5.4 percent. The average this time last year was 6.11 percent.