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Mortgage Rates Fall, With 30-Year Fixed at 4.83%
Published: Thursday, 19 Nov 2009 * 11:24 AM ET Text Size By: Reuters
Rates on 30-year fixed-rate mortgages dropped to their lowest levels since May, Freddie Mac reported on Thursday.
The 30-year fixed-rate mortgage averaged 4.83% for the week ending Nov. 19, down from last week's 4.91% average, according to Freddie Mac's [ Loading... () ] weekly survey of conforming mortgage rates. The mortgage averaged 6.04% a year ago.
Fifteen-year fixed-rate mortgages also dropped, averaging 4.32% this week, down from 4.36% last week and 5.73% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.25% this week, down from 4.29% last week and 5.87% a year ago. And one-year Treasury-indexed ARMs averaged 4.35%, down from 4.46% last week and 5.29% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 point, while the 15-year fixed-rate mortgage as well as the ARMs required payment of an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
"Interest rates on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
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Current DateTime: 08:24:53 19 Nov 2009
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"Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan. Moreover, for the fourth consecutive quarter, more than 95% of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year," he said.
Published: Thursday, 19 Nov 2009 * 11:24 AM ET Text Size By: Reuters
Rates on 30-year fixed-rate mortgages dropped to their lowest levels since May, Freddie Mac reported on Thursday.
The 30-year fixed-rate mortgage averaged 4.83% for the week ending Nov. 19, down from last week's 4.91% average, according to Freddie Mac's [ Loading... () ] weekly survey of conforming mortgage rates. The mortgage averaged 6.04% a year ago.
Fifteen-year fixed-rate mortgages also dropped, averaging 4.32% this week, down from 4.36% last week and 5.73% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.25% this week, down from 4.29% last week and 5.87% a year ago. And one-year Treasury-indexed ARMs averaged 4.35%, down from 4.46% last week and 5.29% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 point, while the 15-year fixed-rate mortgage as well as the ARMs required payment of an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
"Interest rates on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21, while 15-year fixed rates were the lowest since our records began in 1991," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
RELATED LINKS
Current DateTime: 08:24:53 19 Nov 2009
LinksList Documentid: 34040620
Mortgage Delinquencies Jump To RecordGovernment Aid Not Helping Foreclosures
"Low fixed rates throughout the third quarter prompted an estimated $1.1 trillion in refinancing activity, saving homeowners about $10 billion in aggregate monthly payments over the first 12 months of their new loan. Moreover, for the fourth consecutive quarter, more than 95% of prime borrowers who originally had an ARM selected a conventional fixed-rate mortgage in the third quarter of this year," he said.
