Close
< BACK Subscribe

Rate on 30-year fixed mortgage dips below 5%

February 26th, 2011



 

Rate on 30-year fixed mortgage dips below 5%

Fixed-rate mortgage rates ease after mixed inflation reports, economist says












By Amy Hoak, MarketWatch

CHICAGO (MarketWatch) — The average rate on 30-year fixed-rate mortgages fell below 5% this week, according to Freddie Mac’s weekly survey of conforming mortgage rates, released on Thursday.

The mortgage averaged 4.95% for the week ending Feb. 24, down from 5% last week and 5.05% a year ago.

Fifteen-year fixed-rate mortgages also fell, averaging 4.22%, down from 4.27% last week. The mortgage averaged 4.4% a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.8% this week, down from 3.87% last week 4.16% a year ago.

But 1-year Treasury-indexed ARMs averaged 3.4%, up slightly from 3.39% last week. The ARM averaged 4.15% a year ago.

To obtain the rates, the 30-year fixed rate mortgage and both adjustable-rate mortgages required payment of an average 0.6 point and the 15-year fixed-rate mortgage required an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.

“Fixed mortgage rates eased again this holiday week amid mixed inflation data reports,” said Frank Nothaft, chief economist of Freddie Mac, in a news release. “Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1% in the fourth quarter of 2010 compared to the same period in 2009, according to the S&P/Case-Shiller National Index. In addition, the level of the index was the lowest since the fourth quarter of 2002.”


 


Join the discussion

To post a comment on this blog post, you must be an HAR Account subscriber. If you are an HAR Account subscriber , please click here to login. If you would like to create an HAR Account account, please click here.

Login to Comment
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

Join My Blog

I believe in keeping my clients updated on the latest news and trends in today's Real Estate market by using the latest technology available.
JLA Realty
5332 FM 1960 East Suite C, Humble, TX 77346   Get Directions
Phone: (713) 489-8130
Fax: (866) 720-7817
  • Archive
    •     2019
    •     2015
    •     2014
    •     2012
    •     2011
    •     2010
    •     2009