With the 30 year fixed rate mortgage, the interest rate remains the same from day one, meaning borrowers can depend on the same bill amount from month to month and year to year. For the 30-year term, borrowers pay down the principal, or actual loan amount, along with unchanging interest amount on the mortgage. Homeowners gradually increase equity in the home over time. A 30 year fixed-rate mortgage is often perfect for budgeting homeowners who wish to stay in the same house for a long time, but does have the drawback of paying more interest over the length of the loan compared with shorter-term loans.

Record low 30-year fixed mortgage rates remain unchanged

by Broderick Perkins
DeadlineNews.Com

(2/9/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) remained at the record low of 3.87 percent, with an average 0.8 point for the week ending Feb. 9, unchanged from last week. Last year at this time the rate was 5.05 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey

"A strong January employment report added upward pressure to most mortgage rates this week. The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3 percent, which was the lowest since February 2009," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The Federal Reserve also recently announced it's going to keep benchmark rates stable until 2014.

The average rate on the 15-year FRM, 3.16 percent with an average 0.7 point, was up from 3.14 percent last week and 4.29 percent last year at this time.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.83 percent this week, with an average 0.7 point, up from 2.80 percent last week. The 5-year ARM averaged 3.92 percent a year ago.

Finally, for the week ending Feb. 9, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.78 percent this week, with an average 0.6 point, up from 2.76 percent last week, but down from 3.35 percent a year ago.

Mortgage interest rates remain in record territory

by Broderick Perkins
DeadlineNews.Com

(2/7/2012) - The Santa Clara, CA-based Erate Interest Rate Update reported average fixed rate mortgage (FRM) rates, on 30-year conforming mortgages, came in at 4.11 percent the week ending Feb. 7, little changed from 4.10 percent last week, the lowest on the year.

A year ago the 30-year conforming FRM rate was much more, 5.13 percent.

For the week ending Feb. 7, Erate reported the lowest 30-year rate was 3.45 percent, the highest, 6.49 percent, both down from last week.

The average rate for the 15-year FRM, 3.39 percent, was also little changed from 3.38 percent a week ago. The rate was 4.43 percent a year ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.63 percent, respectively.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Feb. 7, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.18 percent a notch up from 3.17 percent last week. A year ago 5/1 ARM was 3.29 percent. The lowest rate was 2.40 percent and the high 3.89 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.60 percent, compared to 4.54 percent a week ago and 5.75 percent a year ago.

Jumbo rates ranged from a low of 3.72 percent, to a high of 6.70 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. 7, the average variable rate on home equity lines of credit (HELOC) remained at 4.72 percent for the second week. It was 4.87 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent.

The average FRM rate on 15-year home equity loans was 6.46 percent, the year's lowest, down from the previous year's lowest last week, 6.53 percent. The rate was 7.04 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 11.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Another round of record low mortgage rates

by Broderick Perkins
DeadlineNews.Com

(2/2/2012) - Another week of news about record low mortgage rates largely fell on deaf ears for consumers who can't meet strict mortgage underwriting requirements to buy a home or refinance their mortgage.

The average interest rate on 30-year fixed rate mortgages (FRMs)fell to a record low of 3.87 percent, with an average 0.8 point for the week ending Feb. 2, down from 3.98 percent last week and 4.81 percent a year ago, according to Freddie Mac's weekly Primary Mortgage Market Survey

"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projectionsŠfixed residential investment increased for the third consecutive quarter and residential construction spending rebounded in December," said Frank Nothaft, vice president and chief economist at Freddie Mac.

Slow economic growth predicted to be 3 percent or less this year should help keep rates low.

The Federal Reserve also recently announced it's going to keep benchmark rates stable until 2014.

Michael Fratantoni, Mortgage Bankers Association's research and economics vice president said yesterday, "The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at their current low-levels until the end of 2014. Longer-term treasury rates dropped in response, and mortgage rates for the week were down slightly as a result."

He added, "Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Refinance Program (HARP) contributed to roughly 10 percent of their refinance activity."

The average rate on the 15-year FRM, 3.14 percent with an average 0.8 point, was also down from 3.24 percent last week and 4.08 percent last year at this time.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.7 point, down from 2.85 percent last week. The 5-year ARM averaged 3.69 percent a year ago.

Finally, for the week ending Feb. 2, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.76 percent this week, with an average 0.6 point, up from 2.74 percent last week, but down from 3.26 percent a year ago.

Mortgage interest rates dip to year's lowest

by Broderick Perkins
DeadlineNews.Com

(1/31/2012) - The Santa Clara, CA-based Erate Interest Rate Update reported average fixed rate mortgage (FRM) rates, on 30-year conforming mortgages, dipped to 4.10 percent the week ending Jan. 31, down from 4.21 percent last week and the lowest they've been this short year.

A year ago the 30-year conforming FRM rate was 4.98 percent.

For the week ending Jan. 31, Erate reported the lowest 30-year rate was 3.54 percent, the highest, 6.96 percent.

The average rate for the 15-year FRM, 3.38 percent, was also the lowest this year, down from 3.48 percent a week ago, and 4.33 percent a year ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.70 percent and 2.62 percent, respectively.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Jan. 31, the average interest rate for the 5/1 adjustable rate mortgage (ARM) likewise dipped from 3.20 percent last week to 3.17 percent -- the lowest this year. A year ago 5/1 ARM was 3.22 percent. The lowest rate was 2.38 percent and the high 3.90 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans, also the lowest for the year, came in at 4.54 percent, down from 4.61 percent last week and 5.63 a year ago.

Jumbo rates ranged from a low of 3.72 percent, to a high of 7.08 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 Jan. 31, the average variable rate on home equity lines of credit (HELOC) was 4.72 percent, matching the previous year's low on Jan. 3, down from 4.73 percent during the previous three weeks and 4.88 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent.

The average FRM rate on 15-year home equity loans was 6.53 percent, the year's lowest, down from last week's 6.55 rate, and 7.03 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates up this week

by Broderick Perkins
DeadlineNews.Com

(1/26/2012) - Year-end housing gains helped boost interest rates this week.

The average interest rate on 30-year fixed rate mortgages (FRMs)rose to 3.98 percent, with an average 0.7 point for the week ending Jan. 26, up from 3.88 percent last week and 4.80 percent a year ago, according to Freddie Mac's weekly Primary Mortgage Market Survey

"Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note. New construction of one-family homes rose 4.4 percent in December to an annualized rate of 470,000, the most since April 2010. Existing home sales increased 5.0 percent at the end of the year to 4.61 million houses, the largest amount since May 2010. Furthermore, pending home sales in November and December averaged the highest reading since the March and April 2010 period," said Frank Nothaft, vice president and chief economist, Freddie Mac.

The average rate on the 15-year FRM was also up to 3.24 percent with an average 0.8 point, compared to 3.17 percent a week ago. The rate was 4.09 percent last year at this time.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.7 point, up 2.82 percent last week. The 5-year ARM averaged 3.70 percent a year ago.

Finally, for the week ending Jan. 26, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.74 percent this week, with an average 0.6 point, unchanged from a week ago. Last year the rate was 3.26 percent.

Mortgage interest rates up this week

by Broderick Perkins
DeadlineNews.Com

(1/24/2012) - The Santa Clara, CA-based Erate Interest Rate Update reported average fixed rate mortgage (FRM) rates on 30-year conforming mortgages rose to 4.21 percent the week ending Jan. 24, up from 4.13 percent a week ago, but down from 4.98 percent a year ago.

For the week ending Jan. 24, Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.63 percent, up from last week. The highest was unchanged at 6.96 percent.

The average rate for the 15-year FRM, 3.48 percent, was also up from 3.39 percent a week ago, but well off 4.34 percent a year ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.70 percent and 2.71 percent, respectively, and virtually unchanged.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Jan. 24, the average interest rate for the 5/1 adjustable rate mortgage (ARM) also rose to 3.20 percent, up from 3.19 percent last week, but down from 3.24 a year ago. For the week, the low 5/1 ARM was up a tick to 2.41 percent and the high, unchanged, at 3.94 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.61 percent. It also was up from last week, when it came in at 4.60 percent, but it was down from 5.63 percent a year ago.

Jumbo rates ranged from a low of 3.81 percent, down from last week and 7.08 percent, unchanged.

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 Jan. 24, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, unchanged for two weeks and down from 4.86 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent.

The average FRM rate on 15-year home equity loans was 6.55 percent, little changed from last week's 6.56 rate, but down from 7.03 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent and were unchanged.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Record low mortgage rates for eighth week in past year

by Broderick Perkins
DeadlineNews.Com

(1/19/2012) - The eighth record low for mortgage rates in a year doesn't amount to a hill of beans in the land of high unemployment, tight lending standards and weak consumer confidence.

A new record, the average interest rate on 30-year fixed rate mortgages (FRMs) was 3.88 percent, with an average 0.8 point for the week ending Jan. 19, down slightly from 3.89 percent last week and 4.74 percent a year ago, according to Freddie Mac's weekly Primary Mortgage Market Survey

Low rates aren't selling homes.

The Mortgage Bankers Association's Market Composite Index of mortgage loan application volume jumped 23.1 percent on the week, but home purchase loans were up only 2.2 percent from a year ago.

Most of the home loans, 82.2 percent, were refinanced mortgages as existing home sales were stuck at an annualized rate of 4.4 million, according to the National Association of Realtors. The "normal" rate is 5 million to 6 million.

Interest rates for FRMs will have to fall to 2 percent and the economy put out growth that's better than 3 percent a year before there's any measurable increase in home buying -- if then.

A six month high in consumer confidence proved unsustainable as gas prices rose 20 cents in a month. The Bloomberg Consumer Comfort Index declined to minus 47.4 in the period ended Jan. 15 from a reading of minus 44.7 the week before. The monthly expectations gauge dropped to minus 19 for January from December's seven-month high of minus 17.

The average rate on the 15-year FRM was 3.17 percent with an average 0.8 point, up from last week's 3.16 percent average. The rate was 4.05 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, unchanged from last week. The 5-year ARM averaged 3.69 percent a year ago.

Finally, for the week ending Jan. 19, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.74 percent this week, with an average 0.6 point, down from 2.76 percent last week. Last year at this time the rate was 3.25 percent.

Erate Update: New Year's mortgage interest rate party continues as most rates fall

by Broderick Perkins
DeadlineNews.Com

(1/17/2012) - Remember back in 2009, at the height of the housing bust, when the U.S. Treasury suggested lenders offer modifications with interest rates as low as 2 percent?

We do.

The 2 percent mark deal was suggested as part of a Making Home Affordable mortgage modification that would get some homeowners' mortgage payment down to 31 percent of their household income, a percentage generally accepted as the recommended level of spending for housing.

If rates continue on their current trajectory, you won't need government intervention.

Some adjustable rate mortgages (ARMs) for purchases, refinancing and equity loans - for those with pristine credit and large down payments or equity up the wazoo - are already in 2 percent territory and falling.

Late last year, mortgage market monitor HSH suggested rates would be stable in the coming months, early in 2012.

We think they are going to do better than remain stable. Unless the economy exhibits greater growth than the paltry 3 percent forecast by most economists, mortgage interest rates have no where to go but down.

The economy is waiting for housing to rebound.

Do the math.

Housing, including shelter itself, household operations, insurance, fuels and utilities, water, sewage and trash services and furnishings, among other expenditures, account for about 40 percent of the Consumer Price Index, an index of consumer expenditures, according to the U.S. Bureau of Labor Statistics.

Consumer spending, for better or for worse, is the juice that fuels the economy. Give consumers low interest rates and they'll spend.

Until then, rates won't be stable. They'll fall as they've fallen in the past few months.

To wit.

The Santa Clara, CA-based Erate Interest Rate Update reported average fixed rate mortgage (FRM) rates on 30-year conforming mortgages dipped to 4.13 percent the week ending Jan. 17, down from 4.15 percent a week ago, 4.19 percent at the end of 2011 and 4.95 percent a year ago.

For the week ending Jan. 17, Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.59 percent. The highest was 6.96 percent.

The average rate for the 15-year FRM, 3.39 percent, ticked down from 3.43 percent a week ago, 3.47 at the end of 2011 and 4.31 percent a year ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.70 percent and 2.70 percent, respectively.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Jan. 17, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.19 percent, was unchanged from a week ago. but down from 3.20 at the end of 2011 and 3.23 a year ago. For the week, the low 5/1 ARM was 2.38 percent and the high, 3.94 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.60 percent, down from last week's 4.62 percent, down from 4.72 percent at the end of 2011 and down from 5.60 percent a year ago.

Jumbo rates ranged from a low of 3.82 percent and 7.08 percent on the high end.

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 Jan. 17, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, unchanged from a week ago and up from 4.72 percent at the end of 2011, but down from 4.84 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 9 percent, both unchanged.

Likewise, the average FRM rate on 15-year home equity loans was 6.56 percent, unchanged from last week, but down from 6.59 percent at the end of 2011 and 7.02 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Erate Update: 2012 mortgage rates mixed, but mostly trending down

by Broderick Perkins
DeadlineNews.Com

(1/10/2012) – The Santa Clara, CA-based Erate Interest Rate Update reported average FRM rates on 30-year conforming mortgages remained unchanged at 4.15 percent the week ending Jan. 10, compared to a week ago. The rate was 4.95 percent a year ago.

For the week ending Jan. 10, Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.61 percent. The highest was 6.96 percent.

The average rate for the 15-year FRM, 3.44 percent ticked down from the average 3.44 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.70 percent and 2.71 percent, respectively. A year ago, the average 15-year FRM rate was 4.34 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Jan. 10, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.19 percent, was also down from 3.20 percent last week. The 5/1 ARM averaged 3.24 percent last year at this time. For the week, the low 5/1 ARM was 2.37 percent and the high, 3.95 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.62 percent, down from last week's 4.68 percent and down from 5.61 percent a year ago.

Jumbo rates ranged from a low of 3.87 percent and 7.08 percent on the high end.

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 Jan. 10, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, down from 4.72 percent last week. The lowest HELOC rate was 2.25 percent and the high, 9 percent, both unchanged. A year ago, the rate averaged 4.84 percent.

The average FRM rate on 15-year home equity loans was 6.56 percent, down from 6.58 last week and 7.01 percent a year ago. Rates on 15-year home equity loans were unchanged from a week ago and ranged from 3.13 percent to 11.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

New Year ushers in return to record-low mortgage interest rates

by Broderick Perkins
DeadlineNews.Com

(1/5/2012) – Rates on conforming, 30-year, fixed-rated mortgages (FRM) averaged 3.91 percent, with an average 0.8 point, the week ending Jan. 5, 2011, matching the all-time record low and marking the fifth consecutive week the rate was below 4 percent.

According Freddie Mac's weekly Primary Mortgage Market Survey the 30-year FRM was 3.95 percent last week and 4.77 percent a year ago.

The return to the record low interest rate average comes amid signs of improvement in housing and manufacturing.

"Pending existing home sales in November jumped 7.3 percent, nearly five times greater than the market consensus forecast, to its strongest pace since April 2010. In addition, construction spending rose 1.2 percent in November, supported by the residential sector which exhibited its fourth consecutive monthly increase. Similarly, manufacturing expanded in December at the fastest pace in six months," said Frank Nothaft, vice president and chief economist, Freddie Mac.

The average rate on the 15-year FRM was 3.23 percent with an average 0.8 point, down from last week's 3.24 percent average. The rate was 4.13 percent a year ago.

Near the record 2.85 percent low, the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.7 point. The 5-year ARM averaged 2.88 percent last week and 3.75 percent a year ago.

Finally, for the week ending Jan. 5, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.80 percent this week, with an average 0.6 point, up from 2.78 percent last week. Last year at this time the rate was 3.24 percent.

Erate Update: New Year mortgage rates down, flat from end of last year

by Broderick Perkins
DeadlineNews.Com

(1/3/2012) – The Santa Clara, CA-based Erate Interest Rate Update reported average FRM rates on 30-year conforming mortgages inched down to 4.15 percent the week ending Jan. 3, from 4.19 percent a week ago. The rate was 5.01 percent a year ago.

For the week ending Jan. 3, Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.59 percent. The highest was 6.96 percent.

The average rate for the 15-year FRM, 3.44 percent also fell from the average 3.47 percent in the last week of 2011, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.70 percent and 2.82 percent, respectively. A year ago, the average 15-year FRM rate was 4.36 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Jan. 3, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.20 percent, was unchanged from last week. The 5/1 ARM averaged 3.29 percent last year at this time. For the week, the low 5/1 ARM was 2.42 percent and the high, 3.92 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.68 percent, down from last week's 4.72 percent and down from 5.71 percent a year ago.

Jumbo rates ranged from a low of 3.85 percent and 7.71 percent on the high end, both lower than a week ago.

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 Jan. 3, the average variable rate on home equity lines of credit (HELOC) was 4.72 percent, unchanged from the past two weeks. The lowest HELOC rate was 2.25 percent and the high, 9 percent, also unchanged. A year ago, the rate averaged 4.85 percent.

The average FRM rate on 15-year home equity loans was 6.58 percent, virtually unchanged from last week and 7 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent, also unchanged.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Erate Update: Mortgage rates relatively unchanged

by Broderick Perkins
DeadlineNews.Com

(12/27/2011) – The Santa Clara, CA-based Erate Interest Rate Update reports average FRM rates on 30-year conforming mortgages inched up to 4.19 percent the week ending Dec. 27, from 4.18 percent a week ago. The rate was 5.03 percent a year ago.

For the week ending Dec. 27, Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.47 percent. The highest was 6.96 percent.

The average rate for the 15-year FRM, 3.47 percent was unchanged from the last weeks, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.70 percent and 2.82 percent, respectively. A year ago, the average 15-year FRM rate was 4.38 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Dec. 27, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.20 percent, was virtually unchanged from 3.21 last week. The 5/1 ARM averaged 3.28 percent last year at this time. For the week, the low 5/1 ARM was 2.41 percent and the high, 3.92 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.72 percent, unchanged from last week and down from 5.70 percent a year ago.

Jumbo rates ranged from a low of 3.93 percent and 7.76 percent on the high end.

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 Dec. 27, the average variable rate on home equity lines of credit (HELOC) was 4.72 percent, unchanged from a week ago. The lowest HELOC rate was 2.25 percent and the high, 9 percent, also unchanged. A year ago, the rate averaged 4.86 percent.

The average FRM rate on 15-year home equity loans was 6.59 percent, unchanged from last week and 6.99 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent, also unchanged.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates continue to set new lows

by Broderick Perkins
DeadlineNews.Com

(12/21/2011) – Rates on conforming, 30-year, fixed-rated mortgages (FRM) averaged 3.91 percent, with an average 0.7 point, the week ending Dec. 22, 2011, a new all-time low, down from the last week's record low 3.94 percent.

According Freddie Mac's weekly Primary Mortgage Market Survey the 30-year FRM was 4.81 percent last year at this time.

The average rate on the 15-year fixed rate mortgage matched last week's record low at 3.21 percent with an average 0.8 point. The rate was 4.15 percent a year ago.

Freddie Mac said rates on adjustable rate mortgages (ARM) also hit new all-time lows in this week's survey.

Also at a new record low, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.6 point, down from last week's average and previous record low, 2.86 percent. The 5-year ARM averaged 3.75 percent a year ago.

Finally, for the week ending Dec. 22, Freddie Mac reported the 1-year Treasury-indexed ARM averaged a record low 2.77 percent, with an average 0.6 point, down from 2.81 percent last week and 3.40 percent last year at this time.

Mortgage interest rates steady

by Broderick Perkins
DeadlineNews.Com

(12/1/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) averaged 4 percent, with an average 0.7 point, the week ending Dec. 1, 2011, little changed from 3.98 percent last week.

The rate was 4.46 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The 30-year fixed has averaged at or below 4 percent for the fifth consecutive week.

"This week, the Federal Reserve released its latest Beige Book review of regional economic conditions, noting that the residential real estate market generally remained sluggish through the first half of the fourth quarter but that the economy expanded at a moderate pace in 11 of its 12 Districts. The extraordinarily low mortgage rates of the past month may provide a needed spur to housing activity," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The average rate on the 15-year fixed rate mortgage, 3.30 percent with an average 0.8 point, unchanged from a week ago. The rate was 3.81 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week, with an average 0.6 point, a tick of last week's 2.91 percent average. The 5-year ARM averaged 3.49 percent a year ago.

Finally, for the week ending Dec. 1, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.78 percent, with an average 0.6 point, down from 2.79 percent last week and 3.25 percent last year at this time.

Erate Update: Mortgage rates remain affordable

by Broderick Perkins
DeadlineNews.Com

(11/29/2011) – Mortgage interest rates were mostly unchanged and remained relatively affordable for those who could qualify for a mortgage in the week ending Nov. 29, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com .

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was unchanged at 4.24 percent, compared to 4.23 percent last week and 4.60 percent a year ago.

For the week, Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.68 percent. The highest was 6.90 percent.

The average rate for the 15-year FRM, 3.54 percent was also virtually unchanged from 3.53 a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.66 percent and 2.97 percent, respectively. A year ago, the average 15-year FRM rate was 4.04 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Nov. 29, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.20 percent, was up from 3.16 percent last week. The 5/1 ARM averaged 3.19 percent last year at this time. For the week, the low 5/1 ARM was 1.86 percent and the high, 4.38 percent, both unchanged for at least two weeks.

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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.82 up a tick from 4.81 percent last week and down from 5.33 a year ago.

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 Nov. 29, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, unchanged from last week. The lowest HELOC rate was 2.25 percent and the high, 9 percent, also unchanged. A year ago, the rate averaged 4.89 percent.

The average FRM rate on 15-year home equity loans was 6.60 percent, also unchanged from a week ago and 6.97 percent last year. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent, unchanged from last week.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed mortgage interest rates average 3.98 percent, ARMs at new lows

by Broderick Perkins
DeadlineNews.Com

(11/23/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) averaged 3.98 percent, with an average 0.7 point, the week ending Nov. 23, 2011, little changed from 4 percent last week.

The rate was 4.40 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The 30-year fixed has averaged at or below 4 percent for the fourth consecutive week.

The average rate on the 15-year fixed rate mortgage, 3.30 percent with an average 0.7 point, was little changed from 3.31 percent a week ago. The rate was 3.77 percent a year ago.

"Mortgage rates eased slightly this week with fixed-rate loans hovering above all-time lows and ARMs reaching a new nadir. The high-degree of home-buyer affordability in recent months translated into a 1.4 percent pickup in existing home sales during October," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week, with an average 0.6 point, down from last week's 2.97 percent average. The 5-year ARM averaged 3.45 percent a year ago.

Finally, for the week ending Nov. 23, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.79 percent, with an average 0.6 point, down from 2.98 percent last week and 3.23 percent last year at this time.

Erate Update: Mortgage rates relatively unchanged

by Broderick Perkins
DeadlineNews.Com

(11/22/2011) – Mortgage interest rates were mostly unchanged for the week ending Nov. 22, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com .

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was unchanged at 4.23 percent, compared to 4.60 percent a year ago.

For the week Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.67 percent. The highest was 6.90 percent.

The average rate for the 15-year FRM, 3.53 percent was also unchanged from a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.66 percent and 2.93 percent, respectively. A year ago, the average 15-year FRM rate was 3.98 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Nov. 22, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.16 percent, was up two ticks from 3.14 percent last week. The 5/1 ARM averaged 3.16 percent last year at this time. For the week, the low 5/1 ARM was 1.86 percent and the high, 4.38 percent, both unchanged 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in unchanged at 4.81 and down from 5.27 a year ago.

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 Nov. 22, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, nearly on par with 4.72 percent last week. The lowest HELOC rate was 2.25 percent and the high, 9 percent. A year ago, the rate averaged 4.89 percent.

The average FRM rate on 15-year home equity loans was 6.60 percent, down from 6.61 percent a week ago and 6.96 percent last year. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed mortgage rates dip, variable rates rise

by Broderick Perkins
DeadlineNews.Com

(11/10/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) came in at an average 3.99 percent, with an average 0.7 point, the week ending Nov. 10, 2011, off a notch from 4.00 percent last week.

The rate was 4.17 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average rate on the 15-year fixed rate mortgage, 3.30 percent with an average 0.8 point, was also down a stitch from 3.31 percent a week ago, and 3.57 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week, with an average 0.6 point, up from last week's last week's 2.96 percent average. The 5-year ARM averaged 3.25 percent a year ago.

Finally, for the week ending Nov. 10, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.95 percent, with an average 0.6 point, up from 2.88 percent last week and 3.26 percent last year at this time.

Erate Update: Record-level mortgage rates stable

by Broderick Perkins
DeadlineNews.Com

(11/8/2011) – Most mortage interest rates remained flat or little changed for the week ending Nov. 8, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com .

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was 4.23 percent, compared to 4.25 percent last week, and 4.43 percent a year ago.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.68 percent. The highest was 6.90 percent.

The average rate for the 15-year FRM remained at 3.54 percent, the same as a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.66 percent and 2.95 percent, respectively. A year ago, the average 15-year FRM rate was 3.84 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Nov. 8, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.13 percent, was virtually unchanged from a week ago, when it was 3.12 percent. The 5/1 ARM averaged 3.12 percent last year at this time. For the week, the low 5/1 ARM, at 1.86 percent and the high, at 4.54 percent, were both unchanged from last week.

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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.77 percent, down from 4.85 percent last week. The jumbo rate was 5.17 a year ago.

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 Nov. 8, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, unchanged from last week. The lowest HELOC rate was 2.25 percent and the high, 9 percent. A year ago, the rate averaged 4.86 percent.

The average FRM rate on 15-year home equity loans was 6.62 percent, also unchanged from last week, but down from 6.97 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 11.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates react favorably to uncertain global economy

by Broderick Perkins
DeadlineNews.Com

(11/3/2011) – Investors seeking U.S. bonds for shelter against the European debt market help pushed mortgage rates to their second lowest reading since the record 3.94 percent in October. Rates on conforming 30-year, fixed-rated mortgages (FRM) came in at an average 4.00 percent, with an average 0.7 point, the week ending Nov. 3, 2011, down from 4.10 percent last week.

The rate was 4.24 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average on the 15-year fixed rate mortgage, 3.31 percent with an average 0.7 point, was down from 3.38 percent a week ago, and 3.63 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, off last week's last week's 3.08 percent average. The 5-year ARM averaged 3.39 percent a year ago.

Finally, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.88 percent, with an average 0.6 point, down from 2.90 percent last week and 3.26 percent last year at this time.

Erate Update: Mortgage interest rates down for the week

by Broderick Perkins
DeadlineNews.Com

(11/1/2011) – Interest rates dropped for the week ending Nov. 1, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was 4.25 percent, compared to 4.35 percent last week, and 4.45 percent a year ago.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.63 percent. The highest was 6.90 percent, both unchanged from previous weeks.

The average rate for the 15-year FRM was came down to 3.54 percent, from 3.64 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate were 6.66 percent and 2.91 percent, respectively. A year ago, the average 15-year FRM rate was 3.83 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Nov. 1, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.12 percent was unchanged from a week ago. The 5/1 ARM averaged 3.13 percent last year at this time. For the week, the low 5/1 ARM also came in unchanged at 1.86 percent and the high, also unchanged, at 4.54 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.85 percent, down from 4.90 percent last week. The jumbo rate was 5.16 a year ago.

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 Nov. 1, the average variable rate on home equity lines of credit (HELOC) was 4.73 percent, down from 4.71 last week. The lowest HELOC rate was 2.25 percent and the high, 9 percent. A year ago, the rate was 4.89 percent.

The average FRM rate on 15-year home equity loans was 6.62 percent, unchanged from last week, but down from 6.97 percent a year ago. Rates on 15-year home equity loans ranged from 3.13 percent to 9.75 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates remain low, flat

by Broderick Perkins
DeadlineNews.Com

(10/27/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) at an average 4.10 percent, the week ending Oct. 27, 2011, were relatively unchanged from 4.11 percent last week.

The average 30-year rate came with an average 0.8 percent point. The rate was 4.23 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average on the 15-year fixed rate, often used by home owners refinancing their mortgage, remained at the same 3.38 percent average from a week ago, but with a lower average 0.7 point. The rate 3.64 percent a year ago.

"The latest monthly housing market indicators were mixed, with consumer confidence soft, house prices largely flat, and new home sales up from very low levels," said Frank Nothaft, vice president and chief economist, Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week, with an average 0.5 point, up from last week's 3.01 percent average. The 5-year ARM averaged 3.41 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.94 percent, unchanged from last week. It came with an average. 0.6 point. The 1-year ARM averaged 3.30 percent last year at this time.

Erate Update: Mortgage interest rates stay flat

by Broderick Perkins
DeadlineNews.Com

(10/25/2011) – Interest rates remained flat for the week ending Oct. 25, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was 4.35 percent, compared to from 4.35 percent last week, and 4.44 percent a year ago.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.72 percent. The highest was 6.90 percent, both unchanged from previous weeks.

The average rate for the 15-year FRM was up to 3.64 percent, from 3.61 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate remained at 6.66 percent and 2.97 percent, respectively. A year ago, the average 15-year FRM rate was 3.88 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Oct. 25, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.12 percent was virtually unchanged from 3.14 percent a week ago. The 5/1 ARM averaged 3.16 percent last year at this time. For the week, the low 5/1 ARM also came in unchanged at 1.86 percent and the high, virtually unchanged, at 4.54 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans came in at 4.90 percent, little changed from 4.89 percent last week. The jumbo rate was 5.14 a year ago.

Jumbo rates ranged from a low of 3.92 percent to a high of 7.84 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 Oct. 25, the average variable rate on home equity lines of credit (HELOC) was 4.71 percent, unchanged from last week and little changed since September. The lowest HELOC rate was 2.25 percent and the high, 8.50 percent, both unchanged from recent weeks. A year ago, the rate was 4.89 percent.

The average FRM rate on 15-year home equity loan was 6.62 percent, down a tad from last week's 6.68 percent average, and down from 6.98 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.75 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value

Mortgage rates steady

by Broderick Perkins
DeadlineNews.Com

(10/20/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) at an average 4.11 percent, the week ending Oct. 20, 2011, were relatively unchanged from 4.12 percent last week.

The average 30-year rate came with an average 0.8 percent point. The rate was 4.21 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average on the 15-year fixed rate, a refinancing tool, also inched up to 3.38 percent this week, with an average 0.8 percent, up from 3.37 percent last week, but down from 3.64 percent a year ago.

"Mortgage rates remained relatively unchanged this week amid mixed economic data reports," said Frank Nothaft, vice president and chief economist, Freddie Mac.

"The home construction industry had some good news for a change. The National Association of Home Builders/Wells Fargo Housing Market Index jumped four points in October, the largest one-month gain since April 2010," Nothaft also said.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week, with an average 0.6 point, down from last week's 3.06 percent average. The 5-year ARM averaged 3.45 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM rose to an average 2.94 percent this week with an average 0.6 point, up from 2.90 percent last week.

Erate Update: Mortgage interest rates remain low

by Broderick Perkins
DeadlineNews.Com

(10/18/2011) – Interest rates flattened the week ending Oct. 18, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average rate for conforming, 30-year fixed rate mortgages (FRMs) was 4.34 percent, down a bit from 4.36 percent last week, and down from 4.44 percent a year ago.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.72 percent. The highest was 6.90 percent, both unchanged from last week.

The average rate for the 15-year FRM was also came down to 3.61 percent, from 3.65 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rate remained at 6.66 percent and 2.97 percent, respectively. A year ago, the average 15-year FRM rate was 3.90 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Oct. 18, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.11 percent was virtually unchanged from 3.15 percent a week ago. The 5/1 ARM averaged 3.14 percent last year at this time. For the week, the low 5/1 ARM came in unchanged at 1.86 percent and the high, virtually unchanged, at 4.54 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans was down to 4.89 percent from 4.94 percent last week. The jumbo rate was 5.11 a year ago.

Jumbo rates ranged from a low of 3.81 percent to a high of 8.08 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 Oct. 18, the average variable rate on home equity lines of credit (HELOC) was 4.71 percent, little changed from last week's 4.70 percent rate. The lowest HELOC rate was 2.25 percent and the high, 8.50 percent, both unchanged from recent weeks. A year ago, the rate was 4.88 percent.

The average FRM rate on 15-year home equity loan was 6.68 percent, down a tad from last week's 6.69 percent average, and down from 6.98 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.25 percent, again, unchanged from last week and underscoring a flat rate market.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed mortgage rates up sharply

by Broderick Perkins
DeadlineNews.Com

(10/13/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) rose sharply to an average 4.12 percent, the week ending Oct. 13, 2011, up from the record low 3.94 percent last week.

FRM rates remain among the most affordable on record.

"An employment report that was better than market expectations helped to lift long-term Treasury bond yields and mortgage rates as well," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The average 30-year rate came with an average 0.8 percent point. The rate was 4.19 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average on the 15-year fixed rate, a popular refinancing tool, also rose to 3.37 percent this week, with an average 0.8 percent, up from 3.26 percent last week, but down from 3.62 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.06 percent this week, with an average 0.6 point, up from last week's 2.96 percent average. The 5-year ARM averaged 3.47 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM sank to an average 2.90 percent this week with an average 0.6 point, down from 2.95 percent last week. The 1-year ARM averaged 3.43 percent last year at this time.

Erate Update: Mortgage interest rates reverse course

by Broderick Perkins
DeadlineNews.Com

(10/11/2011) – After falling for several weeks, interest rates changed course, the week ending Oct. 11, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average for conforming, 30-year fixed rate mortgages (FRM) was 4.36 percent, up from 4.22 percent last week, but down from 4.41 percent a year ago.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.72 percent. The highest was 6.90 percent.

The average rate for the 15-year FRM was also up to 3.65 percent, from 3.55 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate remained at 6.66 percent, but the low was up to 2.97 percent. A year ago, the average 15-year FRM rate was 3.87 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Oct. 11, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.15 percent, also up from 3.10 percent a week ago. The 5/1 ARM averaged 3.13 percent last year at this time. For the week, the low 5/1 ARM came in at 1.86 percent and the high, 4.54 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans rose to 4.94 percent from 4.85 percent a week ago. The jumbo rate was 5.10 a year ago.

Jumbo rates ranged from a low of 3.95 percent to a high of 7.08 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 Oct. 11, the average variable rate on home equity lines of credit (HELOC) was 4.70 percent, unchanged from last week. The lowest HELOC rate was 2.25 percent and the high, 8.50 percent, both also unchanged from recent weeks. A year ago, the rate was 4.86 percent.

The average FRM rate on 15-year home equity loan was 6.69 percent, up a tad from last week's 6.66 percent average, but down from 6.99 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.25 percent, unchanged from last week.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed rates drop to lowest in Freddie Mac history

by Broderick Perkins
DeadlineNews.Com

(10/6/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) dropped to an average 3.94 percent, the lowest they've been since 1971, when Freddie Mac began reporting rates.

"Average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The average 30-year rate came with and average 0.8 percent point. The record average rate was down from 4.01 percent last week and 4.27 percent a year ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average on the 15-year fixed, a popular refinancing option, also fell to the lowest level on record for the sixth consecutive week. It came in at 3.26 percent, with an average 0.8 percent, down from 3.28 percent last week and 3.72 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.5 point, down from last week's 3.02 percent average. The 5-year ARM averaged 3.47 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, up from 2.83 percent last week. The 1-year ARM averaged 3.40 percent last year at this time.

Erate Update: Fixed rates inch lower

by Broderick Perkins
DeadlineNews.Com

(10/4/2011) – Interest rates were down again for the week ending Oct. 4, leaving the rate for conforming 30-year mortgages at 4.22 percent, from 4.29 percent the previous week, and 4.51 a year ago, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.56 percent. The highest was 6.90 percent.

Also on Oct. 4, the average 15-year FRM rose a tad to 3.55 percent, from 3.52 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate remained at 6.66 percent, but the low was up to 2.91 percent. A year ago, the average 15-year FRM rate was 3.96 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Oct. 4, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.10 percent, remained virtually unchanged from 3.09 percent a week ago. The 5/1 ARM averaged 3.17 percent last year at this time. For the week, the low 5/1 ARM came in at 1.86 percent and the high, 4.55 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans rose to 4.85 percent from 4.80 percent a week ago. The jumbo rate was 5.20 a year ago.

Jumbo rates ranged from a low of 3.95 percent to a high of 8.06 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 Oct. 4, the average variable rate on home equity lines of credit (HELOC) was 4.70 percent, virtually unchanged from last week's 4.71 percent. The lowest HELOC rate was 2.25 percent and the high, 8.50 percent, both also unchanged from recent weeks. A year ago, the rate was 4.86 percent.

The average FRM rate on 15-year home equity loan was 6.66 percent, off of last week's 6.67 percent average, but down from 7.00 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Record low mortgage rates poised to drop below 4 percent

by Broderick Perkins
DeadlineNews.Com

(9/29/2011) – Rates on conforming 30-year, fixed-rated mortgages (FRM) averaged a record low 4.01 percent for the week ending Sept. 29, down from 4.09 percent a week ago, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average 15-year FRM also dropped to another record low, 3.28 percent, down from 3.29 percent last week. Both the 30-year and 15-year FRM average came with an average 0.7 percent point.

Last year at this time, the average 30-year rate was 4.32 percent. The 15-year FRM was 3.75 percent, according to Freddie Mac.

Rates were already below 4 percent in the West. Of the five regions surveyed in Freddie Mac's survey, the West region recorded a 3.95 percent average for the 30-year FRM.

"Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week, with an average 0.6 point, unchanged from last week. The 5-year ARM averaged 3.52 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.83 percent this week with an average 0.6 point, nearly unchanged from last week's 2.82 percent. The 1-year ARM averaged 3.48 percent last year at this time.

Erate Update: Interest rates continue slide

by Broderick Perkins
DeadlineNews.Com

(9/27/2011) – Interest rates were down for the week ending Sept. 27, leaving the rate for conforming 30-year mortgages at 4.29 percent, down from 4.37 percent the previous week, and 4.51 a year ago, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.65 percent. The highest was 6.90 percent.

Also on Sept. 27, the average 15-year FRM slipped to 3.52 percent, down from 3.55 percent a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate remained at 6.66 percent, but the low was down to 2.84 percent. A year ago, the average 15-year FRM rate was 3.97 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Sept. 27, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.09 percent, remained unchanged from a week ago. The 5/1 ARM averaged 3.17 percent last year at this time. For the week, the low 5/1 ARM came in at 1.87 percent and the high, 5.62 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans slid to 4.80 percent from 4.89 percent a week ago. The jumbo rate was 5.18 a year ago.

Jumbo rates ranged from a low of 3.85 percent to a high of 8.02 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 Sept. 27, the average variable rate on home equity lines of credit (HELOC) was 4.71 percent, unchanged from the last two weeks. The lowest HELOC rate was 2.25 percent and the high, 8.50 percent, both also unchanged from last week. A year ago, the rate was 4.87 percent.

The average FRM rate on 15-year home equity loan was 6.67 percent, unchanged from last week, but down from 7.06 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fed's 'Twist' spooks Wall Street, but mortgage rates expected to dip lower

by Broderick Perkins
DeadlineNews.Com

(9/22/2011) – Mortgage rates were flat this week, but expected to go even lower after the Federal Reserve on Wednesday said it would sell $400 billion of its shorter-term securities to buy longer-term holdings to pump up the weak economy.

Lower mortgage rates are expected because, along with the Federal Open Market Committee leaving the Fed funds rate unchanged at 0 to 0.25 percent, it also announced what investors and economists have dubbed "Operation Twist," the Fed's sale of short-term holdings and purchases of longer-term U.S. debt, which "twists" the yield curves of each and drops yields on longer-dated bonds, or what's referred to as the back end.

Yes, you may have to be an economist to understand the move, but not to feel its effects in the form of what's hoped to be lower mortgage and other consumer interest rates.

The key committee statement was: "To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to extend the average maturity of its holdings of securities.

The Committee intends to purchase, by the end of June 2012, $400 billion of Treasury securities with remaining maturities of 6 years to 30 years and to sell an equal amount of Treasury securities with remaining maturities of 3 years or less.

This program should put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate.

To help support conditions in mortgage markets, the Committee will now reinvest principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. In addition, the Committee will maintain its existing policy of rolling over maturing Treasury securities at auction."

Bookmark it. See how it plays out in six months, a year.

Wall Street reacted immediately with a sell off and rush to the U.S. dollar early Thursday over both the Fed's actions and Europe's withering economy.

Mortgage rates

Meanwhile, the 30-year fixed-rated (FRM) averaged 4.09 percent for the week ending Sept. 22, unchanged from a week ago. The rate was 4.37 percent this time last year, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point.

"A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week," said Frank Nothaft, vice president and chief economist, Freddie Mac.

The 15-year FRM this week averaged 3.29 percent with an average 0.6 point, down from last week's 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week, with an average 0.6 point, up from last week's 2.99 percent. The 5-year ARM averaged 3.54 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.82 percent this week with an average 0.6 point, up from last week's 2.81 percent. The 1-year ARM averaged 3.46 percent last year at this time.

Erate Update: Interest rates relatively unchanged from last week

by Broderick Perkins
DeadlineNews.Com

(9/20/2011) – Interest rates rose slightly the week ending Sept. 20, leaving the rate for conforming 30-year mortgages at 4.37 percent, up a tad from 4.36 percent the previous week, but down from 4.59 a year ago, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.83 percent, also up from last week. The highest, 6.90 percent, was equal to last week's high.

Also on Sept. 20, the average 15-year FRM remained at 3.55 percent, unchanged from a week ago, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate also remained at 6.66 percent, but the low was up to 2.98 percent. A year ago, the average 15-year FRM rate was 4.05 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Sept. 20, the average interest rate for the 5/1 adjustable rate mortgage (ARM), 3.09 percent, also remained unchanged from a week ago. The 5/1 ARM averaged 3.21 percent last year at this time. For the week, the low 5/1 ARM came in at 1.85 percent and the high, 5.62 percent, both unchanged.

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.

Erate reported the average rate for 30-year, non-conforming jumbo loans rose to 4.89 percent from 4.83 percent a week ago. The jumbo rate was 5.35 a year ago.

Jumbo rates ranged from a low of 4.09 percent to a high of 8.08 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 Sept. 20, the average variable rate on home equity lines of credit (HELOC) was 4.71 percent, unchanged from last week. The lowest HELOC rate dropped to 2.25 percent and the high, 8.50 percent, was unchanged. A year ago, the rate was 4.89 percent.

The average FRM rate on 15-year home equity loan was 6.67 percent, down from 6.74 percent last week, and down from 6.92 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.25 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates sink to yet lower records

by Broderick Perkins
DeadlineNews.Com

(9/15/2011) – Investors' jitters over concerns about European debts kept Treasury bond yields low, pushing mortgage interest rates to new record lows this week.

The 30-year fixed-rated (FRM) averaged 4.09 percent for the week ending Sept. 15, down from 4.12 percent a week ago and 4.37 percent this time last year, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point.

"Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week. In comparison, the average interest rate of mortgages outstanding in the second quarter was 5.28 percent. By refinancing into today's 30-year fixed mortgage, homeowners could shave almost $1,715 a year in interest payments on a $200,000 loan," said Frank Nothaft, vice president and chief economist, Freddie Mac0

The 15-year FRM this week averaged 3.33 percent with an average 0.6 point, down from last week's 3.33 percent. A year ago at this time, the 15-year FRM averaged 3.55 percent, Freddie Mac reported.

"Apart from just fixed-rate mortgages, various other interest rates are at or near all-time historical lows as well. Both the 10-year constant-maturity Treasury bond and AAA-rated seasoned corporate bond yields were at 50-year lows over the week ending September 9th. In addition, the 1-year constant-maturity bill, a popular index for ARMs, hit its nadir over the week of September 2nd since data began in 1952.," Nothaft added.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week, with an average 0.6 point, up from last week's historic low of 2.96 percent. The 5-year ARM averaged 3.55 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, declining from last week's 2.84 percent. The 1-year ARM averaged 3.40 percent last year at this time.

Erate Update: Interest rates still sinking

by Broderick Perkins
DeadlineNews.Com

(9/13/2011) – Interest rates, on a decline for the past six months, slipped again the week ending Sept. 13, leaving the rate for conforming 30-year mortgages at 4.36 percent, down from 4.42 percent the previous week and 4.50 a year ago, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.65 percent, also down from last week, and the highest, 6.90 percent, equal to last week's high.

Also on Sept. 13, the average 15-year FRM dropped to 3.55 percent, down from to last week's 3.60 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate remained at 6.66 percent, but the low was down to 2.93 percent. A year ago, the average 15-year FRM rate was 4.06 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On Sept. 13, the average interest rate for the 5/1 adjustable rate mortgage (ARM) also declined to 3.09 percent, down from 3.06 percent last week. The 5/1 ARM averaged 3.27 percent last year at this time. For the week, the low 5/1 ARM came in at 1.85 percent and the high, 5.62 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.

Erate reported the average rate for 30-year, non-conforming jumbo loans also declined to 4.83 percent from 4.91 percent a week ago and 5.30 percent last year at this time.

Jumbo rates ranged from a low of 4.10 percent to a high of 8.03 percent, both down from last week.

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 Sept. 13, the average variable rate on home equity lines of credit (HELOC) was 4.71 percent, dipping from last week's rate of 4.72 percent. The lowest HELOC rate was 2.74 percent and the high, 8.50 percent. A year ago, the rate was 4.91 percent.

The average FRM rate on 15-year home equity loan was 6.74 percent, up a tad from 6.73 percent last week, but down from 7.10 percent a year ago. Rates on 15-year home equity loans ranged from 3.25 percent to 9.50 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates at new record lows

by Broderick Perkins
DeadlineNews Group

(9/8/2011) – On news that the bleak economy generated the longest stretch in 70 years of unemployment above 8 percent, mortgage rates dipped to new all time lows.

The 30-year fixed-rated (FRM) averaged 4.12 percent for the week ending Sept. 8, down from 4.22 percent a week ago and 4.35 percent this time last year, according Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point.

"On net, the economy added no new jobs last month and was the weakest reading since September 2010. Meanwhile, the unemployment rate remained at 9.1 percent, marking its 31st consecutive month of being above 8 percent, the longest such stretch in 70 years," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The 15-year FRM this week averaged 3.33 percent with an average 0.6 point, down from last week's 3.39 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent, Freddie Mac reported.

"Market concerns over Eurozone sovereign debt default and a weak U.S. employment report for August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows this week," Nothaft added.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, a historic low and identical to last week's average. The 5-year ARM averaged 3.46 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.84 percent this week with an average 0.6 point, declining from last week's 2.89 percent. The 1-year ARM averaged 3.46 percent last year at this time.

Said Nothaft, "The Federal Reserve (Fed) painted a bleaker picture as well in its September 7th regional economic review. Seven of its 12 Districts reported more subdued views of business conditions. Many of the Fed's manufacturing contacts downgraded or became more cautious about their near-term outlooks due to increased economic uncertainty."

Weaker economic data keeps mortgage rates at or near historic lows

by Broderick Perkins
DeadlineNews Group

(9/1/2011) – Most mortgage rates dropped again after a one-week increase, although 30-year, conforming, fixed-rate mortgages (FRMs) stayed at an average 4.22 percent for the week ending September 1. This was according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point and matched the previous week's 4.22 percent. The rate was 4.32 percent a year ago.

The 15-year FRM this week averaged 3.39 percent with an average 0.6 point, down from last week's 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.6 point, a historic low. It was the eighth straight drop and a slip from last week's 3.07 percent. The 5-year ARM averaged 3.54 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, declining from last week's 2.93 percent. The 1-year ARM averaged 3.50 percent at this time last year.

According to Frank Nothaft, Freddie Mac vice president and chief economist, "Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows. The economy grew at a slower rate of 1 percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports. In addition, consumer confidence in August fell to the lowest reading since April 2009, according to The Conference Board."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Interest rates gain ground or stay in place

by Broderick Perkins
DeadlineNews.Com

(8/30/2011) – Interest rates increased or remained unchanged for the week ending August 30, led by conforming 30-year mortgages, which rose to 4.50 percent. This was slightly higher than the previous week's rate of 4.49 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The latest average mortgage interest rate was below the 4.58 percent average at this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.90 percent and the highest, 6.90 percent.

Also on August 30, the average 15-year FRM stayed at 3.70 percent, identical to last week's 3.70 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 2.97 percent. A year ago, the average 15-year FRM rate was 4.08 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On August 30, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.09 percent for the third straight week. The 5/1 ARM averaged 3.29 percent last year at this time. For the week, the low 5/1 ARM came in at 1.93 percent and the high, 5.65 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans increased to 5.00 percent this week from the previous rate of 4.95 percent. The rate was 5.28 percent a year ago.

Jumbo rates ranged from a low of 4.20 percent to a high of 8.17 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 August 30, the average variable rate on home equity lines of credit (HELOC) was 4.74 percent, dipping from last week's rate of 4.75 percent. The lowest HELOC rate was 2.74 percent and the high, 8.75 percent.

The average FRM rates on 15-year home equity loans was 6.72 percent, falling from 6.75 percent last week. A year ago the rate was 6.98 percent. Rates on 15-year home equity loans ranged from 3.25 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates rise on news of higher bond yields, positive housing data

by Broderick Perkins
DeadlineNews Group

(8/25/2011) – Most of the mortgage interest rates rallied from last week's record lows, as 30-year, conforming, fixed-rate mortgages (FRMs) rose to an average 4.22 percent for the week ending August 25, according to Freddie Mac's weekly Primary Mortgage Market Survey. The increase followed news of higher Treasury bond yields and improved housing data.

The average 30-year rate came with an average 0.7 point and was better than last week's 4.15 percent. The rate was 4.36 percent a year ago.

The 15-year FRM this week averaged 3.44 percent with an average 0.6 point, up from last week's 3.36 percent. A year ago at this time, the 15-year FRM averaged 3.86 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.5 point, a new all-time record low. It dipped from last week's 3.08 percent. The 5-year ARM averaged 3.56 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.93 percent this week with an average 0.5 point, up from last week's 2.86 percent. The 1-year ARM averaged 3.52 percent at this time last year.

According to Frank Nothaft, Freddie Mac vice president and chief economist, "Fixed mortgage rates followed Treasury bond yields higher this week, while data reports suggest an improvement in the housing market. The Federal Housing Finance Agency national House Price Index rose for the third straight month in June, bolstered by a 3.3 percent gain in the East North Central Census Division. In addition, the Mortgage Bankers Association reported that the serious delinquency rate (90 days or more plus foreclosures) on mortgages outstanding fell for the sixth consecutive quarter at the end of June to 7.85 percent."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Interest rates up after weeks of decline

by Broderick Perkins
DeadlineNews.Com

(8/23/2011) – Interest rates finally reversed several weeks of declining numbers, with conforming 30-year mortgages rising to 4.49 percent the week ending August 23, up from the previous week's rate of 4.46 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The latest average mortgage interest rate was still below the 4.64 percent average at this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.88 percent and the highest, 6.90 percent.

Also on August 23, the average 15-year FRM increased to 3.70 percent from last week's 3.65 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.04 percent. A year ago, the average 15-year FRM rate was 4.09 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On August 23, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.09 percent, identical to last week's 3.09 percent rate. The 5/1 ARM averaged 3.32 percent last year at this time. For the week, the low 5/1 ARM came in at 1.93 percent and the high, 5.62 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans rose slightly to 4.95 percent this week from the previous rate of 4.94 percent. The rate was 5.32 percent a year ago.

Jumbo rates ranged from a low of 4.15 percent to a high of 8.13 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 August 23, the average variable rate on home equity lines of credit (HELOC) was 4.75 percent, just below last week's rate of 4.76 percent. The lowest HELOC rate was 2.25 percent and the high, 8.75 percent.

The average FRM rates on 15-year home equity loans was unchanged at 6.75 percent, the fourth straight week it has been at that rate. A year ago the rate was 7.11 percent. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates hit lowest point in more than 50 years

by Broderick Perkins
DeadlineNews Group

(8/18/2011) - Mortgage interest rates dropped to their lowest level in more than 50 years as 30-year, conforming, fixed-rate mortgages (FRMs) sank to an average 4.15 percent for the week ending August 18, according to Freddie Mac's weekly Primary Mortgage Market Survey. The rate broke the previous record of 4.17 percent, set on November 11, 2010.

The average 30-year rate came with an average 0.7 point and was down from last week's 4.32 percent. The rate was 4.42 percent a year ago.

The 15-year FRM this week averaged 3.36 percent with an average 0.6 point, below last week's already historical low of 3.50 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week with an average 0.5 point, down from last week's 3.13 percent. This also represented a new historical low. The 5-year ARM averaged 3.56 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged an all-time low 2.86 percent this week with an average 0.6 point. It dropped from last week's average of 2.89 percent. The 1-year ARM averaged 3.53 percent at this time last year.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week, allowing all mortgage products in our survey to reach all-time record lows. For instance, 30-year fixed mortgage rates are now the lowest in over 50 years. In comparison, the Bureau of Economic Analysis estimated the average effective mortgage rate was about 5.3 percent on single-family loans outstanding during the second quarter of 2011."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Interest rates continue to drop

by Broderick Perkins
DeadlineNews.Com

(8/16/2011) – Fixed interest rates stayed on a downward drift, led by conforming 30-year mortgages, which declined to 4.46 percent the week ending August 16, down from the previous week's rate of 4.56 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The latest average mortgage interest rate was under the 4.65 percent average at this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.93 percent and the highest, 6.90 percent.

Also on August 16, the average 15-year FRM sank to 3.65 percent from last week's 3.73 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.16 percent. A year ago, the average 15-year FRM rate was 4.12 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On August 16, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.09 percent, just below last week's 3.10 percent rate. The 5/1 ARM averaged 3.37 percent last year at this time. For the week, the low 5/1 ARM came in at 1.93 percent and the high, 5.62 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans dipped to 4.94 percent this week from the previous rate of 5.03 percent. The rate was 5.28 percent a year ago.

Jumbo rates ranged from a low of 4.15 percent to a high of 8.04 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 August 16, the average variable rate on home equity lines of credit (HELOC) was 4.76 percent, slightly lower than last week's rate of 4.77 percent. The lowest HELOC rate was 2.25 percent and the high, 10.00 percent.

The average FRM rates on 15-year home equity loans was unchanged at 6.75 percent, the third straight week it has been at that rate. A year ago the rate was 7.12 percent. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Record low mortgage rates follow renewed market concerns

by Broderick Perkins
DeadlineNews Group

(8/11/2011) - Mortgage interest rates continued their negative trend as 30-year, conforming, fixed-rate mortgages (FRMs) dropped to an average 4.32 percent for the week ending August 11, according to Freddie Mac's weekly Primary Mortgage Market Survey. The rate marked a new low for 2011.

The average 30-year rate came with an average 0.7 point and was down from last week's 4.39 percent. The rate was 4.44 percent a year ago.

In a new historical low, the 15-year FRM this week averaged 3.50 percent with an average 0.7 point, below last week's 3.54 percent. A year ago at this time, the 15-year FRM averaged 3.92 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, down from last week's 3.18 percent. This also represented a new historical low. The 5-year ARM averaged 3.56 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged a historically low 2.89 percent this week with an average 0.5 point. It dipped from last week when it averaged 3.02 percent. The 1-year ARM averaged 3.53 percent at this time last year.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Renewed market concerns about the European debt markets led investors to shift funds into U.S. Treasuries, pushing long-term yields lower. Further, in its August 9th Federal Open Market Committee statement, the Federal Reserve noted that economic growth so far this year had been considerably slower than it expected and that overall labor market conditions had deteriorated in recent months, leading the Committee to conclude that an exceptionally low federal funds rate should be maintained at least through mid-2013. These developments helped to ease mortgage rates lower this week."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Long-term mortgage rates dip for second straight week

by Broderick Perkins
DeadlineNews.Com

(8/9/2011) – For the second week in a row, the average fixed interest rate on conforming 30-year mortgages fell, dropping to 4.56 percent the week ending August 9, down from the most recent rate of 4.65 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The latest average mortgage interest rate was below the 4.69 percent average at this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 3.97 percent and the highest, 6.90 percent.

Also on August 9, the average 15-year FRM dipped to 3.73 percent from last week's 3.80 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.18 percent. A year ago, the average 15-year FRM rate was 4.16 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On August 9, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.10 percent, rising slightly from 3.09 percent a week ago. The 5/1 ARM averaged 3.39 percent last year at this time. For the week, the low 5/1 ARM came in at 2.05 percent and the high, 5.69 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans sank to 5.03 percent this week from the most recent rate of 5.13 percent. The rate was 5.36 percent a year ago.

Jumbo rates ranged from a low of 4.22 percent to a high of 8.16 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 August 9, the average variable rate on home equity lines of credit (HELOC) was 4.77 percent, higher than last week's rate of 4.75 percent. The lowest HELOC rate was 2.25 percent and the high, 10.00 percent.

The average FRM rates on 15-year home equity loans came in at 6.75 percent, unchanged from the previous 6.75 percent and versus 7.15 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Sluggish economy cited as mortgage rate hits lowest level of 2011

by Broderick Perkins
DeadlineNews Group

(8/4/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 4, tumbled to an average 4.39 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey. It was the lowest level of 2011 and comes amid indications of a weaker than expected economy.

The average 30-year rate came with an average 0.8 point and was down from last week's 4.55 percent. The rate was 4.49 percent a year ago.

In a new historical low, the 15-year FRM this week averaged 3.54 percent with an average 0.7 point, dropping from last week's 3.66 percent. A year ago at this time, the 15-year FRM averaged 3.95 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.6 point, below last week's 3.25 percent. This also represented a new historical low. The 5-year ARM averaged 3.63 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.02 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. The 1-year ARM averaged 3.55 percent at this time last year.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Treasury bond yields fell markedly after signs the economy was weaker than what markets had previously thought, allowing fixed mortgage rates to follow this week with the 15-year fixed and 5-year ARM setting new historical lows. The economy grew 1.3 percent in the second quarter, which was below the market consensus forecast, and first quarter growth was cut to less than a quarter of what was originally reported.

"In fact,'' Nothaft added, "the first half of this year was the worst six-month period since the economic recovery began in June 2009. Moreover, consumer spending fell 0.2 percent in June, representing the first decline since September 2009.''

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Mortgage rates dip across the board

by Broderick Perkins
DeadlineNews Group

(8/2/2011) – After three weeks of gradual increases, the average fixed interest rate on conforming 30-year mortgages reversed course, dropping to 4.65 percent the week ending August 2, down from the most recent rate of 4.76 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The latest average mortgage interest rate was below the 4.75 percent average at this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 4.14 percent and the highest, 6.90 percent.

Also on August 2, the average 15-year FRM was 3.80 percent, a decrease from last week's 3.90 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.31 percent. A year ago, the average 15-year FRM rate was 4.20 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On August 2, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.09 percent, dipping from 3.12 percent a week ago. The 5/1 ARM averaged 3.43 percent last year at this time. For the week, the low 5/1 ARM came in at 2.21 percent and the high, 5.73 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans dropped to 5.13 percent this week from the most recent rate of 5.26 percent. The rate was 5.37 percent a year ago.

Jumbo rates ranged from a low of 4.35 percent to a high of 8.21 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 August 2, the average variable rate on home equity lines of credit (HELOC) was 4.75 percent, just above last week's rate of 4.74 percent. The lowest HELOC rate was 2.25 percent and the high, 10.00 percent.

The average FRM rates on 15-year home equity loans came in at 6.75 percent, coming down from the previous 6.78 percent and versus 7.15 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 9.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Not much movement for mortgage rates amid mixed macroeconomic data

by Broderick Perkins
DeadlineNews Group

(7/28/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 28, rose to an average 4.55 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.8 point and was up from last week's 4.52 percent and versus 4.54 percent a year ago.

The 15-year FRM this week averaged 3.66 percent with an average 0.7 point, identical to last week's 3.66 percent. A year ago at this time, the 15-year FRM averaged 4.00 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week with an average 0.6 point, below last week's 3.27 percent. A year ago, the 5-year ARM averaged 3.76 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, dropping from last week when it averaged 2.97 percent. The 1-year ARM averaged 3.64 percent at this time last year.

"Macroeconomic data released this week were a mixed bag,'' said Frank Nothaft, Freddie Mac vice president and chief economist. "On the positive side, the index of leading indicators in June rose for the second consecutive month, beating the market consensus forecast. Partly offsetting this, orders for durable goods were weaker than market expectations for the same month. The net effect on mortgage interest rates was very little change from the prior week.''

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Mortgage rates show mostly higher results

by Broderick Perkins
DeadlineNews Group

(7/26/2011) – For the second week in a row, the average fixed interest rate on conforming 30-year mortgages edged up, this time to 4.76 percent the week ending July 26, just above the most recent rate of 4.75 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average mortgage interest rate, in the week ending July 26, was still down from the 4.80 percent average this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 4.23 percent and the highest, 6.90 percent.

Also on July 26, the average 15-year FRM was 3.90 percent, slightly lower than last week's 3.91 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.34 percent. A year ago, the average 15-year FRM rate was 4.29 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On July 26, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.12 percent, an increase from 3.09 percent a week ago. The 5/1 ARM averaged 3.49 percent last year at this time. For the week, the low 5/1 ARM came in at 2.30 percent and the high, 5.73 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.26 percent this week, slightly up from last week's 5.25 percent. The rate was 5.50 percent a year ago.

Jumbo rates ranged from a low of 4.35 percent to a high of 8.36 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 July 26, the average variable rate on home equity lines of credit (HELOC) was 4.74 percent, dropping from last week's rate of 4.76 percent. The lowest HELOC rate was 2.25 percent and the high, 10.00 percent.

The average FRM rates on 15-year home equity loans came in at 6.78 percent, rising from last week's 6.70 percent and versus 7.17 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Long-term mortgage rates rise slightly

by Broderick Perkins
DeadlineNews Group

(7/21/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 21, ticked up to an average 4.52 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point and was up from last week's 4.51 percent. The rate averaged 4.56 percent a year ago.

The 15-year FRM this week averaged 3.66 percent with an average 0.7 point, higher than last week's 3.65 percent. A year ago at this time, the 15-year FRM averaged 4.03 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week with an average 0.5 point and below last week's 3.29 percent. A year ago, the 5-year ARM averaged 3.79 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. Last year at this time, the 1-year ARM averaged 3.70 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Mortgage rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan.''

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: 30-year fixed mortgage rate up slightly

by Broderick Perkins
DeadlineNews Group

(7/19/2011) - The average fixed interest rate on conforming 30-year mortgages edged up to 4.75 percent the week ending July 19, just above last week's rate of 4.74 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average mortgage interest rate, in the week ending July 19, was down from the 4.81 percent average this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 4.32 percent and the highest, 6.90 percent.

The average 15-year FRM was 3.91 percent July 19, identical to last week's 3.91 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.22 percent. A year ago, the average 15-year FRM rate was 4.27 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On July 19, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.09 percent, down from the 3.11 percent average a week ago. The 5/1 ARM averaged 3.49 percent last year at this time. For the week, the low 5/1 ARM came in at 2.22 percent and the high, 5.73 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.25 percent this week, down from last week's 5.29 percent. The rate was 5.56 percent a year ago.

Jumbo rates ranged from a low of 4.35 percent to a high of 8.18 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 July 19, the average variable rate on home equity lines of credit (HELOC) was 4.76 percent, down slightly from last week's rate of 4.77 percent. The lowest HELOC rate was 2.50 percent and the high, 10.00 percent.

The average FRM rates on 15-year home equity loans came in at 6.70 percent, slipping from last week's 6.79 percent and versus 7.20 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates drop following bleak jobs report

by Broderick Perkins
DeadlineNews Group

(7/14/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 14, fell to an average 4.51 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point and was down from last week's 4.60 percent. The rate averaged 4.57 percent a year ago.

The 15-year FRM this week averaged 3.65 percent with an average 0.6 point, lower than last week's 3.75 percent. A year ago at this time, the 15-year FRM averaged 4.06 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.29 percent this week with an average 0.6 point and below last week's 3.30 percent. A year ago, the 5-year ARM averaged 3.85 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. Last year at this time, the 1-year ARM averaged 3.74 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Long-term bond yields and mortgage rates fell this week following a weak employment report. The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the highest since December 2010. In addition, employee wages stagnated. These factors may lead to less consumer spending, which in turn reduces the threat of inflation in the near term.''

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Mortgage rates drop again after one-week increase

by Broderick Perkins
DeadlineNews Group

(7/12/2011) - The average fixed interest rate on conforming 30-year mortgages went down to 4.74 percent the week ending July 12, below last week's rate of 4.78 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average mortgage interest rate, in the week ending July 12, was down from the 4.82 percent average this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 4.41 percent and the highest, 6.90 percent.

The average 15-year FRM was 3.91 percent July 12, slipping from last week's 3.95 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.22 percent. A year ago, the average 15-year FRM rate was 4.33 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On July 12, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.11 percent, down from the 3.13 percent average a week ago. The 5/1 ARM averaged 3.54 percent last year at this time. For the week, the low 5/1 ARM came in at 2.26 percent and the high, 5.73 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.29 percent this week, down from last week's 5.35 percent. The rate was 5.66 percent a year ago.

Jumbo rates ranged from a low of 4.47 percent to a high of 8.23 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 July 12, the average variable rate on home equity lines of credit (HELOC) was 4.77 percent, down from last week's rate of 4.80 percent. The lowest HELOC rate was 2.50 percent and the high, 8.75 percent.

The average FRM rates on 15-year home equity loans came in at 6.79 percent, dropping from last week's 6.84 percent and versus 7.19 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates rise across the board

by Broderick Perkins
DeadlineNews Group

(7/7/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 7, moved up to an average 4.60 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point and was up from last week's 4.51 percent. The rate averaged 4.57 percent a year ago.

The 15-year FRM this week averaged 3.75 percent with an average 0.7 point, higher than last week's 3.69 percent. A year ago at this time, the 15-year FRM averaged 4.07 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.30 percent this week with an average 0.6 point and above last week's 3.22 percent. A year ago, the 5-year ARM averaged 3.75 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.01 percent this week with an average 0.6 point, up from last week when it averaged 2.97 percent. Last year at this time, the 1-year ARM averaged 3.75 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Mortgage rates followed Treasury yields higher over the holiday week but remain quite affordable by historical standards. For instance, interest rates on all mortgages outstanding in the first quarter of this year averaged just under 6 percent. With today's rates, these homeowners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage.''

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Mortgage rates rise in every category

by Broderick Perkins
DeadlineNews Group

(7/5/2011) - The average fixed interest rate on conforming 30-year mortgages increased to 4.78 percent the week ending July 5, above last week's rate of 4.67 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average mortgage interest rate, in the week ending July 5, was down from the 4.80 percent average this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 4.23 percent and the highest, 6.90 percent.

The average 15-year FRM was 3.95 percent July 5, rising above last week's 3.89 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.34 percent. A year ago, the average 15-year FRM rate was 4.26 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On July 5, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.13 percent, up from the 3.07 percent average a week ago. The 5/1 ARM averaged 3.52 percent last year at this time. For the week, the low 5/1 ARM came in at 2.37 percent and the high, 5.73 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.35 percent this week, above last week's 5.22 percent. The rate was 5.55 percent a year ago.

Jumbo rates ranged from a low of 4.45 percent to a high of 8.35 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 July 5, the average variable rate on home equity lines of credit (HELOC) was 4.80 percent, identical to last week's rate of 4.80 percent. The lowest HELOC rate was 2.50 percent and the high, 10.25 percent.

The average FRM rates on 15-year home equity loans came in at 6.84 percent, the same as last week's 6.84 percent and versus 7.20 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates mixed but stay steady overall

by Broderick Perkins
DeadlineNews Group

(6/30/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending June 30, edged up to an average 4.51 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.7 point and was up from last week's 4.50 percent. The rate averaged 4.58 percent a year ago.

The 15-year FRM this week averaged 3.69 percent with an average 0.7 point, identical to last week when it averaged 3.69 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.6 point and below last week's 3.25 percent. A year ago, the 5-year ARM averaged 3.79 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.6 point, down from last week when it averaged 2.99 percent. Last year at this time, the 1-year ARM averaged 3.80 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy. First quarter economic growth was revised up in the final estimate, but growth in consumer spending stagnated in May while April's figure was revised downward; consumer expenditures account for roughly two-thirds of the nation's gross domestic product."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

Erate Update: Mortgage rates dip across the board

by Broderick Perkins
DeadlineNews Group

(6/28/2011) - The average fixed interest rate on conforming 30-year mortgages dropped to 4.67 percent the week ending June 28, below last week's rate of 4.70 percent, according to the weekly Erate Interest Rate Update, produced by Santa Clara, CA-based Erate.com

The average mortgage interest rate, in the week ending June 28, was down from the 4.82 percent average this time last year.

Erate reported the lowest 30-year fixed rate mortgage (FRM) rate was 4.33 percent and the highest, 6.90 percent.

The average 15-year FRM was 3.89 percent June 28, slipping below last week's 3.91 percent, according to Erate, a financial information publisher and interest rate tracker since 1999.

The high 15-year FRM rate was 6.66 percent and the low, 3.34 percent. A year ago, the average 15-year FRM rate was 4.29 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On June 28, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.07 percent, a slight decrease from the 3.08 percent average a week ago. The 5/1 ARM averaged 3.54 percent last year at this time. For the week, the low 5/1 ARM came in at 2.29 percent and the high, 5.73 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.

Erate also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.22 percent this week, just below last week's 5.23 percent. The rate was 5.57 percent a year ago.

Jumbo rates ranged from a low of 4.35 percent to a high of 8.16 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 June 28, the average variable rate on home equity lines of credit (HELOC) was 4.80 percent, slipping from last week's rate of 4.82 percent. The lowest HELOC rate was 2.50 percent and the high, 10.25 percent.

The average FRM rates on 15-year home equity loans came in at 6.84 percent, below last week's 6.86 percent and versus 7.21 percent a year ago. Rates on 15-year home equity loans ranged from 3.49 percent to 11.25 percent.

Home equity loans are based on a $50,000, 80 percent loan-to-value note.

30-year fixed mortgage rate stays at 4.50 for second straight week

by Broderick Perkins
DeadlineNews Group

(6/23/2011) - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending June 23, stayed at an average 4.50 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The average 30-year rate came with an average 0.8 point and was unchanged from last week's 4.50 percent. The rate averaged 4.69 percent a year ago.

The 15-year FRM this week averaged 3.69 percent with an average 0.7 point, above last week when it averaged 3.67 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week with an average 0.6 point and under last week's 3.27 percent. A year ago, the 5-year ARM averaged 3.84 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. Last year at this time, the 1-year ARM averaged 3.77 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.\