30 year fixed mortgage rates are now at an average of 5.10% nationally according to the latest survey from Freddie Mac.  That's the lowest level in the 37 years of their survey.

From the Boston Globe:

"Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all-time record low since Freddie Mac's survey began in April 1971," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

Mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan last month to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises Fannie Mae <FNM.P>, Freddie Mac<FRE.P> and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Mortgage rates appear destined to head even lower.

Interest rates are now a full percent lower than they were at the start of 2008.  Prices are lower, mortgage rates are lower.....will that nudge more buyers to jump into the market in 2009?

As always, please comment below or contact me for more info on this post. And if you like what you're reading don't forget to subscribe by email or by RSS feed.