Mortgage rate amid a housing crisis

By ispyiny
  • 30-year fixed-rate mortgage at 7.14 percent

    The 30-year fixed-rate mortgage average is at 7.14 percent, according to Freddie Mac.
  • Fed sets interest rate to 1 percent

    The Fed sets the interest rate to an all-time low of 1 percent and leaves it there for a year.
  • Greenspan encourages alternatives to fixed-rate mortgages

    "American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," said Fed Chairman Alan Greenspan.
  • Fed begins to increase interest rates

    Fed begins to increase interest rates, continuing to do so for the next two years.
  • 30-year fixed-rate mortgage at 6.18 percent

    The 30-year fixed-rate mortgage average is at 6.18 percent, according to Freddie Mac.
  • Largest U.S. subprime lender files for bankruptcy

    New Century Financial, the largest U.S. subprime lender, files for chapter 11 bankruptcy.
  • 30-year fixed-rate mortgage at 6.07 percent

    The 30-year fixed-rate mortgage average is at 6.07 percent, according to Freddie Mac.
  • Bear Stearns receives government funding

    Bear Stearns receives government funding as shares plummet. Bear Stearns is acquired for $2 per share by J.P. Morgage Chase to avoid bankruptcy.
  • Fannie Mae and Freddie Mac nationalized

    The government takes over Fannie Mae and Freddie Mac, which at that point owned or guaranteed about half of the country's $12 trillion mortgage market, effectively nationalizing them.
  • Merrill Lynch sold to Bank of America

    Merrill Lynch is sold to Bank of American amid fears of a liquidity crisis.
  • Lehman Brothers files for bankruptcy.

    Lehman Brothers files for bankruptcy protection.
  • Government loans money to AIG

    The government lends $85 billion to American International Group to avoid bankruptcy.
  • TARP created

    President George W. Bush signs the Emergency Economic Stabilization Act, creating a $700 billion Troubled Assets Relief Program to purchase failing bank assets.
  • Fed pledges $600 billion to aid housing crisis

    Fed pledges $800 billion more to help revive financial system. $600 billion will be used to buy mortgage bonds issued or guaranteed by Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loans Banks.
  • 30-year fixed rate mortgage drops below 5 percent

    The 30-year fixed-rate mortgage average drops to 4.96 percent, the lowest rate since Freddie Mac began tracking them 40 years ago.