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Mortgage rates remain historically lowby Broderick Perkins 6/10/10 - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 10 averaged 4.72 percent, just a notch off the record low 4.71 percent. The record low was posted Dec. 3, 2009 as the lowest ever since Freddie Mac began its weekly Primary Mortgage Market Survey in 1971. The June 10 average rate came with an average 0.7 point and was down from 4.79 percent last week and down from 5.59 percent a year ago, according to the survey The 15-year FRM this week averaged 4.17 percent with an average 0.7 point, down from last week when it averaged 4.20 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991 and it sets another record low for the fourth straight week. A year ago at this time, the 15-year FRM averaged 5.06 percent, Freddie Mac reported. "Following a relatively weak employment report, bond yields fell this week and mortgage rates followed," said Frank Nothaft, Freddie Mac vice president and chief economist. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.92 percent this week, with an average 0.7 point, down from last week's 3.94 percent average. A year ago, the 5-year ARM averaged 5.17 percent. The 1-year Treasury-indexed ARM averaged 3.91 percent this week with an average 0.6 point, down from last week's 3.95 percent average. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 5.04 percent.
Mortgage rates remain at record lowsby Broderick Perkins 6/2/10 - Mortgage interest rates remained in record low territory for the week ending June 3, coming in at an average 4.79 percent for 30-year fixed-rate conforming mortgages (FRMs). The June 3 average rate came with an average 0.8 point and was virtually unchanged from 4.78 percent last week, but down from 5.29 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey The record low average 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. The 15-year FRM this week averaged 4.20 percent with an average 0.7 point, down from last week when it averaged 4.21 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.79 percent, Freddie Mac reported. "The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, mortgage rates held at historic levels this week. In fact, rates on 15-year fixed-rate mortgages set another record low for the third week in a row," Nothaft said. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.94 percent this week, with an average 0.7 point, down from last week's 3.97 percent average. A year ago, the 5-year ARM averaged 4.85 percent. The 1-year Treasury-indexed ARM averaged 3.95 percent this week with an average 0.7 point, unchanged from last week. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 4.81 percent.
Mortgage rates tempt record levelsby Broderick Perkins (5/27/10) Edging ever closer to Freddie Mac's record low 4.71 percent, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 27, fell to 4.78 percent. The May 27 average rate came with an average 0.7 point and was down from 4.84 percent last week, and down from 4.91 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey The record 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. These "low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist. The 15-year FRM this week averaged 4.21 percent with an average 0.7 point, down from last week when it averaged 4.24 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.53 percent, Freddie Mac reported. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent this week, with an average 0.6 point, up from last week when it averaged 3.91 percent. A year ago, the 5-year ARM averaged 4.82 percent. The 1-year Treasury-indexed ARM averaged an even 3.95 percent this week with an average 0.6 point, down from last week when it averaged 4 percent. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 4.69 percent.
Mortgage interest rates slide moreby Broderick Perkins 5/18/10 - Mortgage interest rates continued their inch-down trend this week, slipping to an average 5.04 percent the week ending May 18, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. The average mortgage interest rate on conforming 30-year loans, in the week ending May 18, 5.04 percent, was down from 5.15 percent a week ago and down from 5.11 percent a year ago. Informa found the lowest 30-year FRM rate at 4.64 percent and the highest average FRM interest rate at 6.96 percent. The average 15-year FRM, 4.45 percent on May 18, was also down -- from 4.50 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate was 6.74 percent and the low 4.07 percent. A year ago, the average 15-year FRM rate was 4.80 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On May 18, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.51 percent, up slightly from 3.50 percent a week ago. The 5/1 ARM averaged 3.93 percent last year at this time. For the week, the low 5/1 ARM came in at 2.86 percent and the high, 5.27 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.85 percent this week, down from 5.92 percent last week and 6.48 percent a year ago. Jumbo rates ranged from a low of 4.98 percent to a high of 8.74 percent. Low jumbo rates are spurring activity in higher end markets, contributing to sales gains and higher median prices.The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On May 18, the average variable rate on home equity lines of credit (HELOC), came in at 4.94 percent, up slightly from 4.96 percent last week and 4.83 percent a year ago. HELOC rates ranged from 2.49 percent to 8.40 percent. The average FRM rate on 15-year home equity loans came in at 7.31 percent, little off last week's 7.32 percent, but down from 7.77 percent a year ago. Rates on 15-year home equity loans ranged from 4.38 percent to 10 percent, unchanged for weeks. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage rates at year's lowest levelby Broderick Perkins (5/13/10) At the 4.93 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 13, was at it's lowest point since Dec. 10, 2009, when it averaged 4.81 percent, according to the Freddie Mac Primary Mortgage Market Survey. The May 13 average also closed in on the 4.71 percent record low, posted Dec. 3, 2009 -- the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. "Interest rates on fixed rate mortgages declined for the fifth straight week," said Frank Nothaft, Freddie Mac vice president and chief economist. The May 13, 4.93 percent average rate came with an average 0.7 point and was down from 5 percent last week, but up slightly from 4.86 percent a year ago. The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. The 15-year FRM has not been lower since the week ending Dec. 3, 2009 when it was 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent, Freddie Mac reported. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, also down from last week when it averaged an even 3.97 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in Jan. of 2005. A year ago, the 5-year ARM averaged 4.82 percent. The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. The 1-year ARM has not been lower since the week ending Nov. 4, 2004, which it was 4 percent. At this time last year, the 1-year ARM averaged 4.71 percent.
Mortgage interest rates continue to fallby Broderick Perkins 5/11/10 - Mortgage interest rates trended down in late April and into May, slipping to an average 5.15 percent by the week ending May 11, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. The average mortgage interest rate on conforming 30-year loans, in the week ending May 11, 5.15 percent, was down from 5.21 percent a week ago, but up from 5.11 percent a year ago. Informa found the lowest 30-year FRM rate at 4.73 percent and the highest average FRM interest rate at 6.96 percent. The average 15-year FRM, 4.50 percent on May 11, was also down from 4.56 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate, 6.74 percent and the low 4.20 percent were unchanged from last week. A year ago, the average 15-year FRM rate was 4.80 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On May 11, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.50 percent, up slightly from 3.48 percent a week ago. The 5/1 ARM averaged 3.93 percent last year at this time. For the week, the low 5/1 ARM came in at 2.77 percent and the high, 5.27 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.92 percent this week, down from 5.97 percent last week and 6.48 percent a year ago. Jumbo rates ranged from a low of 5.09 percent to a high of 8.87 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On May 11, the average variable rate on home equity lines of credit (HELOC), came in at 4.96 percent, up slightly from 4.95 percent last week and 4.83 percent a year ago. HELOC rates ranged from 2.49 percent to 8.75 percent, unchanged from the last three weeks. The average FRM rate on 15-year home equity loans came in at 7.32 percent, little off last week's 7.33 percent and down from 7.77 percent a year ago. Rates on 15-year home equity loans ranged from 4.38 percent to 10 percent, also unchanged for weeks. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage rates drop back to lowest level in six weeksby Broderick Perkins At the 5 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 6, was at it's lowest point since March 25, when it averaged 4.99 percent, according to the Freddie Mac Primary Mortgage Market Survey. The May 6 5 percent average rate for conforming loans came with an average 0.7 point and was down from 5.06 percent last week, but up from 4.84 percent a year ago. The 15-year FRM this week averaged 4.36 percent with an average 0.7 point, down from last week when it averaged 4.39 percent. A year ago at this time, the 15-year FRM averaged 4.51 percent, Freddie Mac reported. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent this week, with an average 0.7 point, also down from last week when it averaged an even 4 percent. A year ago, the 5-year ARM averaged 4.90 percent. "Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid ARMs followed suit," said Frank Nothaft, Freddie Mac vice president and chief economist. "Rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to the survey in the beginning of 2005," Nothaft added. The 1-year Treasury-indexed ARM averaged 4.07 percent this week with an average 0.6 point, down from last week when it averaged 4.25 percent. At this time last year, the 1-year ARM averaged 4.78 percent.
Mortgage interest rates mostly downby Broderick Perkins 5/4/10 - Most mortgage interest rates slipped slightly in the week ending May 4, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. The average mortgage interest rate on conforming 30-year loans, in the week ending May 4 was 5.21 down from 5.25 percent a week ago and down from 5.18 percent a year ago. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, unchanged from a week ago. The average 15-year FRM, 4.56 percent on May 4 was also down from 4.60 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate, 6.74 percent and the low 4.20 percent were virtually unchanged from last week. A year ago, the average 15-year FRM rate was 4.84 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On May 4, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.48 percent, down slightly from 3.49 percent a week ago. The 5/1 ARM averaged 4.03 percent last year at this time. For the week, the low 5/1 ARM came in at 2.90 percent and the high, 5.27 percent, both down from a week ago. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.97 percent this week, up from 5.93 percent last week and 6.54 percent a year ago. It was the only rate in the survey to increase.Jumbo rates ranged from a low of 5.20 percent to a high of 8.98 percent, flat and up from last week, respectively. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On May 4, the average variable rate on home equity lines of credit (HELOC), came in at 4.95 percent, down slightly from 4.96 percent last week and 4.82 percent a year ago. HELOC rates ranged from 2.49 percent to 8.75 percent, unchanged from the last two weeks. The average FRM rate on 15-year home equity loans came in at 7.42 percent, unchanged from last week and up from 7.77 percent a year ago. Rates on 15-year home equity loans ranged from 4.38 percent to 10 percent, also unchanged from a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage interest rates stableby Broderick Perkins (04/29/2010) Fixed-rate mortgage (FRM) interest rates fell slightly to an average 5.06 percent, the week ending April 29, compared to 5.07 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). The rate included an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 4.84 percent. The 15-year FRM this week, averaged 4.39 percent, unchanged from last week. The rate carried an average 0.7 point. A year ago, the 15-year FRM averaged 4.51 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.003 percent the week ending April 29, with an average 0.6 point, compared to 4.03 percent from last week. A year ago, the 5-year ARM averaged 4.90 percent. The 1-year Treasury-indexed ARM averaged 4.25 percent this week, with an average 0.5 point, up from last week's 4.22 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.78 percent. "Mortgage rates on 30-year fixed loans have averaged about 5 percent over the first four months of this year, staying within a band of roughly a quarter percentage point and virtually matching 2009's annual average," said Frank Nothaft, Freddie Mac vice president and chief economist.
Mortgage interest rate movement mixedby Broderick Perkins 4/27/10 - Mortgage interest rate movement was mixed for the week ending April 27, with rates moving up or down very little, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. The average mortgage interest rate on conforming 30-year loans, in the week ending April 27 was 5.25 and unchanged from a week ago, but down from 5.16 percent a year ago. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, also unchanged from a week ago. The average 15-year FRM, 4.60 percent on April 27 was down from 4.58 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate, 6.74 percent and the low 4.22 percent were unchanged from the past two weeks. A year ago, the average 15-year FRM rate was 4.84 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On April 27, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.49 percent, up a bit from 3.46 percent a week ago. The 5/1 ARM averaged 4.07 percent last year at this time. For the week, the low 5/1 ARM came in at 2.93 percent and the high, 5.40 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.93 percent this week, compared to 5.95 percent last week and 6.54 percent a year ago. Jumbo rates ranged from a low of 5.20 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On April 27, the average variable rate on home equity lines of credit (HELOC), came in at 4.96 percent, up from 4.93 percent last week and 4.80 percent a year ago. HELOC rates ranged from 2.49 percent to 8.75 percent, unchanged from last week. The average FRM rate on 15-year home equity loans came in at 7.42 percent, down a notch from 7.41 percent last week and down from 7.77 percent a year ago. Rates on 15-year home equity loans ranged from 4.38 percent to 10 percent. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage interest rates largely unchangedby Broderick Perkins (04/22/2010) Fixed-rate mortgage (FRM) interest rates fell to an average 5.07 percent, the week ending April 20, unchanged from a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). The rate included an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 4.80 percent. The 15-year FRM this week, averaged 4.39 percent, little changed from last week's 4.40 percent average. The rate carried an average 0.6 point. A year ago, the 15-year FRM averaged 4.48 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.03 percent the week ending April 20, with an average 0.6 point, compared to 4.08 percent from last week. A year ago, the 5-year ARM averaged 4.85 percent. The 1-year Treasury-indexed ARM averaged 4.22 percent this week, with an average 0.5 point, up from last week's 4.13 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.82 percent.
Mortgage interest rates fall backby Broderick Perkins (04/15/2010) Fixed-rate mortgage (FRM) interest rates fell to an average 5.07 percent, the week ending April 15, down from 5.21 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). The rate included an average 0.6 point. Last year, at this time, the 30-year FRMaverage was 4.82 percent. "After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist. The 15-year FRM this week, averaged 4.40 percent, down from last week's 4.52 percent average. The rate carried an average 0.7point. A year ago the 15-year FRM averaged 4.48 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.08 percent the week ending April 15, with an average 0.6 point, down from 4.25 percent from last week. A year ago, the 5-year ARM averaged 4.88 percent. The 1-year Treasury-indexed ARM averaged 4.13 percent this week, with an average 0.5 point, down from last week's 4.14 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.91 percent.
Mortgage interest rates back offby Broderick Perkins 4/13/10 - The average mortgage interest rate on conforming 30-year loans, in the week ending April 13 backed off last week's 5.34 percent, falling to 5.29 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For fixed-rate mortgages (FRMs), the 5.29 percent average rate was up from 5.13 percent this time last year. Informa found the lowest FRM rate at 4.73 percent and the highest average FRM interest rate at 6.96 percent. The average 15-year FRM on April 13 was 4.61 percent, also off last week's when it was 4.65 percent average, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate, 6.74 percent and the low 4.22 percent were little changed. A year ago the average 15-year FRM rate was 4.82 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On April 13, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.48 percent, little changed from a week ago when it was 3.49 percent. The 5/1 ARM averaged 4.13 percent last year at this time. For the week, the low 5/1 ARM came in at 2.98 percent and the high, at 5.40 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.94 percent this week, compared to 6.09 percent last week and 6.58 percent a year ago. Jumbo rates ranged from a low of 5.23 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On April 13, the average variable rate on home equity lines of credit (HELOC), came in at 4.93 percent, unchanged from last week and up from 4.71 percent a year ago. HELOC rates ranged from 2.49 percent to 8.75 percent. The average FRM rate on 15-year home equity loans came in at 7.43 percent, down from 7.44 percent last week and down from 7.83 percent a year ago. Rates on 15-year home equity loans ranged from 4.50 percent to 10 percent. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Current Mortgage Rates at highest level in eight monthsby Broderick Perkins 4-7-10 Fixed-rate mortgage (FRM) interest rates rose to an average 5.21 percent, the week ending April 8, up from 5.08 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). The rate included an average 0.6 point. Last year, at this time, the 30-year FRMaverage was 5.29 percent. The rate hasn't been that high since Aug. 13, 2009 when it averaged 5.29 percent. "Once again, mortgage rates followed bond yields higher amid a positive March employment report" said Frank Nothaft, Freddie Mac vice president and chief economist. The 15-year FRM this week, averaged 4.52 percent, also up from last week's 4.39 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.54 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent the week ending April 8, with an average 0.6 point, up from 4.10 percent from last week. A year ago, the 5-year ARM averaged 4.93 percent. The 1-year Treasury-indexed ARM averaged 4.14 percent this week, with an average 0.6 point, up from last week's 4.05 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.83 percent.
Current Mortgage interest rates continue upby Broderick Perkins 4/6/10 - The average mortgage interest rate on conforming 30-year loans, in the week ending April 6 jumped again to 5.34 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For fixed-rate mortgages (FRMs), the 5.34 percent average rate was up from 5.22 percent last week and 5.15 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both unchanged for weeks. The average 15-year FRM on April 6 was 4.65 percent, also up from last week when it was 4.55 percent, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. Relatively unchanged were the average high 15-year FRM rate, 6.74 percent and the low 4.20 percent. A year ago the average 15-year FRM rate was 4.81 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On April 6, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.49 percent, little changed from a week ago when it was 3.47 percent. The 5/1 ARM averaged 4.18 percent last year at this time. For the week, the low 5/1 ARM came in at 2.88 percent and the high, at 5.52 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 6.09 percent this week, compared to 6.01 percent last week and 6.60 percent a year ago. Jumbo rates ranged from a low of 5.10 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On April 6, the average variable rate on home equity lines of credit (HELOC), came in at 4.93 percent, down from 4.98 percent last week and 4.69 percent a year ago. HELOC rates ranged from 2.75 percent to 8.75 percent, this week, identical to the range for the last two weeks. The average FRM rate on 15-year home equity loans came in at 7.44 percent, up from 7.42 percent last week and down from 7.81 percent a year ago. Rates on 15-year home equity loans ranged from 4.50 percent to more than double, 10 percent. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Fixed mortgage interest rates up to year's highest levelby Broderick Perkins 4/1/10 - Fixed-rate mortgage (FRM) interest rates followed a recent run up in long-term bond yields and rose to an average 5.08 percent, the week ending April 1, up from 4.99 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). The rate included an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 4.78 percent. "Rates on 30-year fixed loans were the highest since the starting week of this year," said Frank Nothaft, Freddie Mac vice president and chief economist. For the week ending Jan. 7, rates averaged 5.09 percent, according to Freddie Mac. The 15-year FRM this week, averaged 4.39 percent, also up from last week's 4.34 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.52 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.10 percent the week ending April 1, with an average 0.6 point, down from 4.14 percent from last week. A year ago, the 5-year ARM averaged 4.92 percent. The 1-year Treasury-indexed ARM averaged 4.05 percent this week with an average 0.6 point, down from last week's 4.20 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.75 percent. Mortgage interest rates flatby Broderick Perkins Mortgage interest rates averaged 4.99 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM), the week ending March 25, little changed from last week's 4.96 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). For the week ending March 25, the rate included an average 0.6 point. Last year, at this time, the 30-year FRMaverage was also about the same at 4.85 percent. The 15-year FRM this week, averaged 4.34 percent, also virtually unchanged from last week's 4.33 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.58 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent the week ending March 25, with an average 0.6 point, up from 4.09 percent from last week. A year ago, the 5-year ARM averaged 4.98 percent. The 1-year Treasury-indexed ARM averaged 4.20 percent this week with an average 0.6 point, up from last week's 4.12 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.85 percent.
Mortgage interest rates unchangedby Broderick Perkins 3/23/10 - The average mortgage interest rate on conforming 30-year loans was unchanged the week ending March 23, coming in again at 5.11 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For fixed-rate mortgages (FRMs), the 5.11 percent average rate was up from an average 5.09 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both also unchanged for weeks. The average 15-year FRM on March 23 was 4.48 percent, also virtually unchanged from last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in unchanged at 6.74 percent with the low, at 4.10 percent, was little changed. A year ago the average 15-year FRM rate was 4.84 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On March 23, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.46 percent, little changed from a week ago when it was 3.44 percent. The 5/1 ARM averaged 4.20 percent last year at this time. The low 5/1 ARM came in at 2.87 percent with the high at 5.27 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.92 percent this week, compared to 5.98 percent last week and 6.62 percent a year ago. Jumbo rates ranged from a low of 4.98 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On March 23, the variable rate on home equity lines of credit (HELOC), came in little changed at 5.01 percent, down from 5.03 percent last week and 4.70 percent a year ago. HELOC rates ranged from 2.75 percent to 8.75 percent. The average FRM rate on 15-year home equity loans came in at 7.59 percent, unchanged from last week and down from 7.84 percent a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage interest rates flat, equity gains returningby Broderick Perkins Mortgage interest rates remained virtually unchanged the week ending March 18, at 4.96 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). Last week the average was 4.95 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). For the week ending March 18, the rate included an average 0.7 point. Last year, at this time, the 30-year FRMaverage was also about the same at 4.98 percent. The 15-year FRM this week, average 4.33 percent, also virtually unchanged from last week's 4.32 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.61 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.09 percent the week ending March 18, with an average 0.6 point, up from 4.05 percent from last week. A year ago, the 5-year ARM averaged 4.98 percent. The 1-year Treasury-indexed ARM averaged 4.12 percent this week with an average 0.6 point, down from last week's 4.22 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.91 percent. "With house prices starting to stabilize and even rise, homeowners on aggregate are slowly building back equity in their homes based on figures from the Federal Reserve Board," said Frank Nothaft, Freddie Mac vice president and chief economist. "After losing almost $7.9 trillion in home equity since the end of 2006, homeowners regained almost $1.1 trillion in home equity over the past three quarters ending in 2009," he added.
Mortgage interest rates mixed, but largely flatby Broderick Perkins 3/16/10 - Mortgage interest rates were down again the week ending March 16, to 5.11 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For the week, the average fixed-rate mortgage (FRM) interest rate on conforming 30-year loans was down from 5.12 percent last week, down from 5.31 percent over the past six months and down from 5.21 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both unchanged for weeks. The average 15-year FRM on March 16 was 4.49 percent, a few digits up from 4.47 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in unchanged a 6.74 percent with the low at 3.89 percent. A year ago the rate was 4.91 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On March 16, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.44 percent, virtually unchanged from a week ago and, 4.26 percent last year at this time. The low was below 3 percent at 2.86 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.98 percent, virtually unchanged from a week ago and down from 6.66 percent a year ago. Jumbo rates came in at a range from a low of 5.10 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On March 16, the variable rate on home equity lines of credit (HELOC), came in unchanged again for the past two weeks at 5.03 percent, up from 4.70 percent last year at this time. HELOC rates were as low as 2.75 percent. The average FRM rate on 15-year home equity loans came in at 7.59 percent, virtually unchanged from a week ago and down from 7.84 percent a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage interest rates curl lowerby Broderick Perkins Mortgage interest rates slid more the week ending March 11, down to 4.95 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). The rate was down from last week's 4.97 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). For the week ending March 11, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.03 percent. The 30-year FRM's average interest rate this week, closed in on the record low average, 4.71 percent, posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. "During a light week of mixed economic reports, mortgage rates eased somewhat," said Frank Nothaft, Freddie Mac vice president and chief economist. "Pending existing home sales fell 7.6 percent in January, well below the market consensus of a 1 percent gain. Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7 percent, " Nothaft added. The 15-year FRM this week, averaging 4.32 percent, also slipped from last week's 4.33 percent average. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.64 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.05 percent the week ending March 11, with an average 0.6 point, again, down from 4.11 percent from last week. A year ago, the 5-year ARM averaged 4.99 percent. The 1-year Treasury-indexed ARM averaged 4.22 percent this week with an average 0.6 point, also down from last week's 4.27 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.80 percent.
Mortgage interest rates continue downward trendby Broderick Perkins 3/9/10 - Mortgage interest rates were down again the week ending March 9, to 5.12 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For the week, the average fixed-rate mortgage (FRM) interest rate on conforming 30-year loans was down from 5.16 percent last week, down the second week in a row and down from 5.28 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both unchanged for weeks. The average 15-year FRM on March 9 was 4.47 percent, a few digits down from 4.52 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in unchanged a 6.74 percent with the low at 3.84 percent, down from 4.10 percent last week. A year ago the rate was 4.95 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On March 9, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.43 percent, virtually unchanged from a week ago and, 4.36 percent last year at this time. The low was below 3 percent at 2.83 percent. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans dropped back to 5.97 percent, down from 6 percent last week, but down from 6.76 percent a year ago. Jumbo rates came in at a range from a low of 4.98 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On March 9, the variable rate on home equity lines of credit (HELOC), came in unchanged from last week at 5.03 percent, up from 4.65 last year at this time. HELOC rates were also as low as 2.74 percent. The average FRM rate on 15-year home equity loans came in at 7.58 percent down from 7.60 percent last week and 7.84 percent a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note. Low mortgage interest rates not spurring home salesby Broderick Perkins 3/4/10 - Mortgage interest rates slipped below 5 percent again, falling to 4.97 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). The rate was down from last week's 5.05 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). For the week ending March 4, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.15 percent. The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. Historically low interest rates, along with rolled-back home prices and unprecedented government assistance programs have made for greater affordability. Unfortunately, those potentially positive market factors continue to collide with other conditions that undermine the confidence of consumers who might otherwise buy a home. New, existing home sales plummetNew homes - The seasonally adjusted annual rate of new home sales plummeted 11.2 percent to 309,000 in January this year, compared with 348,000 in December, according to the U.S. Census Bureau. It was the lowest rate since the government began keeping records in 1963 -- almost 50 years ago -- and comes after declines in November and December. Existing homes - Likewise, from November to December, resale home sales plummeted nearly 17 percent, the largest month-to-month decline in 42 years.The December to January existing home sales fell another 7.2 percent according to the National Association of Realtors, but the sales rate in January was 11.5 percent above sales from January 2009. "Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.” said HYPERLINK "http://www.realtor.org/wps/wcm/connect/RO-Content/ro/research/chief_economist_bio" Lawrence Yun, NAR chief economist. More rate declinesThe 15-year FRM this week, averaging 4.33 percent, also fell from last week's 4.40 percent average. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.72 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.11 percent the week ending March 4, with an average 0.6 point, again, down from 4.16 percent from last week. A year ago, the 5-year ARM averaged 5.08 percent. The 1-year Treasury-indexed ARM averaged 4.27 percent this week with an average 0.6 point, up from last week's 4.15 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.86 percent.
Mortgage interest rates hoveringby Broderick Perkins 3/2/10 - Mortgage interest rates, relatively unchanged through February, remain stuck, averaging at 5.16 percent for the week ending March 2, 2010, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For the week, the average fixed-rate mortgage (FRM) interest rate on conforming 30-year loans was virtually unchanged from 5.18 percent throughout February, down from 5.36 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both also unchanged for weeks. The average 15-year FRM on March 2 was 4.52 percent, a few digits down from 4.56 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.10 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On March 2, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.42 percent, down from 3.45 percent a week ago, 4.36 percent last year at this time. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans rose to 6 percent this week, compared to 5.84 percent last week, but down from 6.83 percent a year ago. Jumbo rates came in at a range from a low of 5.10 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On March 2, the variable rate on home equity lines of credit (HELOC), came in, on average, at 5.03 percent, little changed from 5 percent a week ago and up from 4.65 last year at this time. HELOC rates were also as low as 2.74 percent. The average FRM rate on 15-year home equity loans came in at 7.60 percent after inching up fro weeks and coming in at 7.50 percent last week and 7.81 percent a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note.
Mortgage interest rates turning aroundby Broderick Perkins 2/25/10 - After several weeks below 5 percent, the average interest rate on a 30-year, fixed-rate mortgage (FRM) reversed course and rose to an average 5.05 percent, up from last week's 4.93 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). For the week ending Feb. 25, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.07 percent. The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. The 15-year FRM this week, averaging 4.40 percent, also rose from last week's 4.33 percent. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.68 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.16 percent the week ending Feb. 25, with an average 0.6 point, up from 4.12 percent from last week. A year ago, the 5-year ARM averaged 5.06 percent. The 1-year Treasury-indexed ARM came in at an average 4.15 percent this week with an average 0.6 point, down from last week's 4.23 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.81 percent. Mortgage interest rates remain flatby Broderick Perkins 2/23/09 - Mortgage interest rates were unchanged through February, stuck at 5.18 percent for past four weeks, ending Feb. 23, 2010, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review. For the week, the average fixed-rate mortgage (FRM) on conforming 30-year loans was down from the average 5.42 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both also unchanged for weeks. The average 15-year FRM on Feb. 23 was also relatively unchanged at 4.56 percent, compared to 4.55 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.19 percent, also both relatively unchanged from a week ago. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On Feb. 23, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.45 percent, unchanged from a week ago, but down from 4.33 percent last year at this time. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans was at 5.84 percent, unchanged from last week, but down from 6.83 percent a year ago. Jumbo rates came in at a range from a low of 4.96 percent to a high of 8.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On Feb. 23, the variable rate on home equity lines of credit (HELOC), came in, on average, at 5 percent, also unchanged for weeks and up from 4.63 percent a year ago. The average FRM rate on 15-year home equity loans came in at 7.50 percent, a notch up from 7.49 last week, but down from 7.80 percent a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note. Current Mortgage Rates back near record lowsby Broderick Perkins 2/18/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) dipped further falling to 4.93 percent, for the week ending Feb. 18, 2010, down from 4.93 percent last week. The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). Last year, at this time, the 30-year FRM average was 5.04 percent. The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. The 15-year FRM this week was also little changed, averaging 4.33 percent compared to 4.34 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.68 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12 percent the week ending Feb. 18, with an average 0.5 point, down from 4.19 percent from last week. A year ago, the 5-year ARM averaged 5.04 percent. The 1-year Treasury-indexed ARM came in at an average 4.23 percent this week with an average 0.6 point, down from last week's 4.33 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.80 percent. Mortgage interest rates slip below 5 percent againby Broderick Perkins 2/11/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) dipped below the 5 percent mark falling to 4.97 percent, for the week ending Feb. 11, 2010, down from 5.01 percent last week. The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). Last year, at this time, the 30-year FRM average was 5.16 percent. The 15-year FRM this week was little changed, averaging 4.34 percent compared to 4.40 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.81 percent. The low rates continued to convince homeowners to refinance. More than two out of three mortgage applications were for refinance transactions over the first six weeks of 2010 according to the Mortgage Bankers Association. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19 percent the week ending Feb. 11, with an average 0.6 point, down from 4.27 percent from last week. A year ago the rate was 5.23 percent. The 1-year Treasury-indexed ARM came in at an average 4.33 percent this week with an average 0.6 point, up from last week's 4.22 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.94 percent. Mortgage interest rates stableby Broderick Perkins 2/4/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) moved slightly above the 5 percent mark for the week ending Feb. 4, 2010, inching up to 5.01 percent from 4.98 percent last week. The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). Last year, at this time, the 30-year FRM average was 5.25 percent. The 15-year FRM this week was also little changed, averaging 4.40 percent compared to 4.39 percent last week. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.92 percent. "Mortgage rates remained relatively stable for a second week, amid news of a strengthening housing market," said Frank Nothaft, Freddie Mac vice president and chief economist. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent the week ending Feb. 4, with an average 0.6 point, up from 4.25 percent from last week. A year ago the rate was 5.26 percent. The 1-year Treasury-indexed ARM came in at an average 4.22 percent this week with an average 0.5 point, down from last week's 4.29 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.92 percent. Mortgage interest rates continue to slipby Broderick Perkins 2/2/10 - Mortgage interest rates were down again, for the fourth consecutive week, falling to 5.18 percent, from 5.19 percent last week, according to Calabasas, CA-based Informa Research Services' Interest Rate Review. For the week ending Feb. 2, 2009, the average fixed-rate mortgage (FRM) on conforming 30-year loans was also down from the average 5.47 percent this time last year. Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent. The average 15-year FRM on Feb. 2 also fell to 4.57 percent from 4.59 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.22 percent. Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators. On Feb. 2, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.48 percent up a bit from 3.46 percent last week but down from 4.35 percent last year at this time. The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence. Informa also reported the average rate for 30-year, non-conforming jumbo loans dipped to 5.99 percent from 6.14 percent a week ago. Last year at this time the rate was 6.97 percent. Jumbo rates came in at a range from a low of 5.08 percent to a high of 10.46 percent. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence. On Feb. 2, the variable rate on home equity lines of credit (HELOC), came in at an average 4.98 percent, unchanged from a week ago and up from 4.58 percent a year ago. The average FRM rate on 15-year home equity loans of came in at 7.46 percent, just a tad down from 7.47 last week, but down more from 7.77 percent a year ago. Home equity loans are based on a $50,000, 80 percent loan-to-value note. Mortgage interest rates flatby Broderick Perkins 1/28/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) stayed below the 5 percent mark, slipping to 4.98 percent for the week ending Jan. 21. The rate includes an average 0.6 point and was down from 4.99 percent a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS). Last year, at this time, the 30-year FRM average was 5.10 percent. The 15-year FRM this week was also down by inches, averaging 4.39 percent from 4.40 percent last week. The rate carried an average 0.6 point. A year ago t | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
