Fixed rate mortgage rates were unchanged this week according to Freddie Mac’s latest survey.

The average 30-year fixed mortgage rate was 4.37 percent with an average of 0.7 points.  Last week’s average rate was also 4.37 percent.  One year ago, the 30-year fixed mortgage rate was 5.04 percent.  

The average 15-year fixed mortgage rate was 3.82 percent with an average of 0.7 points.  This was also unchanged from last week. One year ago, the 15-year fixed mortgage rate was 4.46 percent.  

The 5/1 adjustable rate mortgage (ARM) averaged 3.54 percent this week, with an average of 0.6 points.  This is down just slightly from last week when the average was 3.55 percent.  One year ago, the average 5/1 ARM was 4.46 percent.  

With low inflation and a slowly recovering economy, there is little reason for rates to increase in the very near term.

 

Mortage rates hit new lows again this week due to expectations that inflation will remain low in the near term.

The 30-year fixed mortgage rate averaged 4.32 percent with an average of 0.7 points in this week’s Freddie Mac survey.  This was down from 4.36 percent last week.  One year ago, the rate was 5.08 percent.

The 15-year fixed mortgage rate averaged 3.83 percent with an average of 0.6 points.  This was down from 3.86 percent last week.  One year ago, the rate was 4.54 percent.

The 5/1 adjustable rate mortgage averaged 3.54 percent with an average of 0.6 points.  This was down from 3.56 percent last week.  One year ago, the rate was 4.59 percent.

Mortgage rates hit record lows yet again this week.  The average 30-year fixed mortgage rate this week was 4.49 percent with 0.7 points.  The average last week was 4.54 percent.  One year ago, the average 30-year fixed rate was 5.22 percent. 

The average 15-year fixed mortgage rate this week was 3.95 percent with an average of 0.6 points.  Last week the average 15-year fixed mortgage rate was 4.00 percent.  One year ago, the average 15-year fixed mortgage rate was 4.63 percent. 

The average 5-year ARM also reached a record low.  The average 5-year ARM was 3.63 percent with 0.6 points this week, down from 3.76 last week.  One year ago, the average 5-year ARM was 4.73 percent year, the 1-year ARM averaged 4.78 percent.

The average 30-year and 15-year fixed rate mortgage hit yet another all-time low this week.  According to Freddie Mac’s weekly survey, the average 30-year fixed rate mortgage rate wa 4.56 percent with 0.7 points.  This was down from an average of 4.57 percent last week.  One year ago, the average 30-year fixed rate was 5.20 percent. 

 
The average 15-year fixed rate mortgage also fell to a new low this week.  The average rate for a 15-year fixed mortgage was 4.03 percent with an average of 0.7 points.  This was down from last week’s average of 4.06 percent.  One year ago, the average 15-year fixed rate was 4.68 percent.

 
Freddie Mac’s chief economist, Frank Nothaft, attributed the further decline in mortgaeg rates over the past few weeks to a lack of confidence in the economy.  However, he attributes this lack of confidence to the normal ebbs and flows of a recovering ecomony and does believe that there is sufficient momentum in the economy to move it forward. 

Fixed rate mortgages remained at last week's historic lows this week.  According to Freddie Mac’s Weekly Survey, this week’s average 30-year fixed mortgage rate tied last week’s record low.  The average rate was 4.57 percent with 0.7 points this week, tying last week’s all-time low.  One year ago, the 30-year fixed rate was 5.14 percent.

The average 15-year fixed rate mortgage was 4.06 percent with an average of 0.7 points this week.  This was down slightly from last week when the average was 4.07 percent.  One year ago, the 15-year fixed rate was 4.63 percent.

With overall rates being at 50-year lows, refinancing activity has been brisk over the past month.  Approximately 80% of conventional loan applications have been to refinance existing loans

Thirty-year fixed mortgage rates are at all time lows this week.

According to Freddie Mac’s weekly survey, the average 30-year fixed rate mortgage was 4.69 percent with 0.7 points this week.  This is down from last week when the average 30 year rate was 4.75.  One year ago, the 30-year fixed-rate mortgage was 5.42 percent.

The average 15-year fixed rate mortgage was 4.13 percent with an average 0.6 points.  This was down from 4.20 percent last week. One year ago, the 15-year fixed rate mortgage was 4.87 percent.

The average 1-year adjustable rate mortgage was 3.77 percent with 0.7 points.  This is down from last week when the average was 3.82 percent.  Though this does not qualify as an all-time low, this week’s 1-year ARM has not been this low since May 2004 when the average was only slightly better at 3.76 percent.

Sales of both new and existing homes were down in May, falling 2.2 percent according to the National Association of Realtors®. New home sales were the hardest hit, falling more than 32 percent – the largest monthly drop since these figures started being tracked in 1963.

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html

There was little change in mortgage rates this week. According to Freddie Mac’s weekly survey, the 30 year fixed rate mortgage averaged 4.75 percent with an average of 0.7 points this week.  This is up slightly from last week when the average was 4.72 percent.  One year ago, the 30 year fixed rate was 5.38 percent.

The average 15 year fixed rate mortgage was 4.20 percent with 0.7 points.  This was also up slightly from last week when the average was 4.17 percent.  One year ago, the 30 year fixed rate was 4.89 percent.
 
Freddie Mac’s chief economist noted that the expiration of the homebuyer credit may be the main factor in the slowdown of new construction in May.  New home construction in May fell 17% from the prior month.  He also noted that permits on single family homes fell to its lowest level in the past year.  On the positive side, homeowners have regained $1.1 trillion in home equity in the first quarter of this year compared to the same period last year.

Mortgage rates remain largely unchanged this week.  The average 30-year fixed rate mortgage was 4.79 percent with 0.8 points this week.  This was up slightly from last week when the average was 4.78 percent.  One year ago, the average 30-year fixed rate mortgage was 5.29 percent.

The average 15-year fixed rate mortgage was 4.20 percent with an average of 0.7 points.  This was down slightly from last week when the average was 4.21 percent.  This week’s rate breaks another record as the rate has never been this low since Freddie Mac started tracking these rates in August of 1991.  One year ago, the average 15-year fixed rate mortgage was 4.79 percent.

"The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, mortgage rates held at historic levels this week. In fact, rates on 15-year fixed-rate mortgages set another record low for the third week in a row.

"There are also signs that credit conditions may be improving. The number of homeowners with private mortgage insurance who became current on their mortgages outnumbered those who defaulted for the third month in a row in April, according to data compiled by the Mortgage Insurance Companies of America."

Though mortgage rates remain at historic lows, they are expected to begin to rise at the end of the summer.
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For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html.

Mortgage rates are at or near their historic lows.  The average 30-year fixed rate was 4.78 percent with an average of 0.7 points this week.  This was down from 4.84 percent last week.  This is the lowest rate for a 30-year fixed rate since December 3, 2009 when the average was 4.71 percent.  One year ago, the rate was 4.91 percent.

The average 15-year fixed rate was 4.21 percent with an average of 0.7 points.  This was down from 4.24 percent last week.  This rate has not been lower since rates were first being tracked in August of 1991.  One year ago, the 15-year fixed rate was 4.53 percent.

Sales in April for existing homes were up 7.6 percent and new home sales were up 14.8 percent, largely due to buyers wanting to take advantage of the home-buyer tax credit which expired last month.  However, even with the lack of a tax incentive, low interest rates are expected to continue to drive home sales in the short term.

Mortgage rates are expected to begin to rise within the next few months.

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html.

More good news on the mortgage front this week.  The average 30-year fixed mortgage rate this week was 4.84 percent with an average of 0.7 points.  This is down from last week when the average 30-year fixed rate was 4.93 percent.  One year ago, the average 30-year rate was 4.82 percent.  This week's rate is the lowest that it has been in almost six months.

The average 15-year fixed mortgage rate was 4.24 percent with 0.7 points.  This is down from last week when the average 15-year fixed rate was 4.30.  One year ago, the average 15-year rate was 4.5 percent.  This week's rate is the lowest that 15-year rates have been since Freddie Mac started tracking rates in August 1991.

The low mortgage rates, along with tax incentives, are credited with helping strengthen housing sales this year.  Construction of  new single-family residences was up for the fourth straight month in April reflecting the strongest pace since August 2008.

For more information on the latest mortgage rates in your local market, go to www.infotrak.com/search-local-rates.html.

Mortgage Rate Update Report

By Gary Sweatt, INFOTRAK National Data Services

Mortgage rates this week fell for the fifth straight week and are now at to the lowest level of the year.  According to Freddie Mac’s weekly survey, 30-year fixed rate mortgages averaged 4.93 percent with 0.7 points.  This was down from last week when the average 30-year rate was 5 percent.  One year ago, the average rate was 4.86 percent.  This week’s 30 year fixed rates are the lowest they have been since December 10^, 2009.

The 15-year fixed rate mortgage this week averaged 4.30 percent with an average 0.6 points.  This was also down from last week when it averaged 4.36 percent. One year ago, the average was 4.52 percent. This week’s 15-year fixed rates are at their lowest level since December 3, 2009. 

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html. 

Mortgage rates this week hit their lowest level since March. According to Freddie Mac’s weekly survey, the 30-year fixed-rate mortgage averaged 5.00 percent with an average of 0.7 points.  This was down from last week when it averaged 5.06 percent.  One year ago, the average 30-year fixed rate was 4.84 percent.   

The 15-year fixed rate mortgage averaged 4.36 percent with an average of 0.7 points this week.  This was down from last week when it averaged 4.39 percent.  Last year at this time the average 15-year fixed rate mortgage was 4.51 percent.

"Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid ARMs followed suit," said Frank Nothaft, Freddie Mac vice president and chief economist. "Rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to the survey in the beginning of 2005.

"The homebuyer tax credit helped support home sales in March, and anecdotal reports point to strong April sales as well. Pending existing home sales rose for the second consecutive month in March to the strongest pace since October 2009, just before the original deadline for the credit, based on figures published by the National Association of Realtors®. Three of the four Census regions showed an up tick in sales, led by the South with a 12.7 percent gain, while sales in the Northeast fell 3.3 percent. To receive the federal tax credit, homebuyers had to sign contracts by April 30th and settle by June 30th of this year."

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html.

By Gary Sweatt, INFOTRAK National Data Services

Average 30 year fixed rates this week: 5.06%
Average 30 year fixed rates last week: 5.07%

Mortgages rates changed very little again this week.  According to Freddie Mac's weekly survey, the average 30-year fixed rate mortgage was 5.06 percent with 0.7 points.  This is down slightly from last week when the average was 5.07 percent.  One year ago, the average 30-year fixed rate was 4.78 percent.

The average 15-year fixed rate mortgage was 4.39 percent with an average 0.7 points.  This was unchanged from last week when it averaged 4.39 percent. One year ago, the average 15-year fixed rate averaged 4.48 percent.

The 30-year fixed mortgage rate has changed very little overall this year, fluctuating no more than 0.25 percent each week.  The 2010 weekly averages are also virtually the same  as the overall 2009 average mortgage rate. 

 
According to the S&P/Case-Shiller 20-city composite index, home prices showed a 12-month increase of 0.7 percent in February, the first such increase since December 2006.

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html.

By Gary Sweatt, INFOTRAK National Data Services

Average 30 year fixed rates this week: 5.07%
Average 30 year fixed rates last week: 5.07%

Mortgage Rates were largely unchanged this week.  According to results of Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed rate mortgage was 5.07 percent with 0.7 points this week.  This is unchanged from last week when it also averaged 5.07 percent.  One year ago, the 30-year fixed rate mortgage averaged 4.80 percent.

The average 15-year fixed rate mortgage was 4.39 percent with 0.6 points this week.  This is down slightly from last week when it averaged 4.40 percent.  One year ago, the average 15-year fixed rate mortgage was 4.48 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, attributed the low rates with boosting the home construction industry.  Single family home construcion rose in March in all areas except the Midwest.

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html.

Week Ending 04/15/10

By Gary Sweatt, INFOTRAK National Data Services

Average 30 year fixed rates this week: 5.07%
Average 30 year fixed rates last week: 5.21%

Mortgage rates for 30-year and 15-year fixed mortgages were down this week, after rising for the past four weeks.

According to Freddie Mac’s Primary Mortgage Market Survey®, the average 30-year fixed rate mortgage rate was 5.07 percent with an average 0.6 points.  This was down from last week when the 30-year fixed rate mortgage averaged 5.21 percent. At this same time last year, the 30-year fixed rate mortgage averaged 4.82 percent.

The average rate for a 15-year fixed rate mortgage was 4.40 percent with an average 0.7 points.  This was down from last week when it averaged 4.52 percent.  One year ago, the average 15-year mortgage rate was 4.48 percent.

Current mortgage rates continue to be near historic lows, providing much needed support to the still volatile housing market.

For more information on the latest mortgage rates in your local market, go to http://www.infotrak.com/Search-Local-Rates.html.

Avg 30 yr fixed rates this week: 5.21%
Avg 30 yr fixed rates last week: 5.08%

Mortgage rates were up again this week, with the average 30-year fixed rate at 5.21% with an average of .06 points according to Freddie Mac’s weekly Primary Mortgage Market Survey.   Last week’s average 30-year fixed rate was 5.08%.  One year ago, the 30- year fixed rate was 4.87%.  The 30-year fixed rate has not been this high since August 13, 2009 when the average was 5.29%.

The average 15-year fixed rate this week was 4.52% with an average of 0.6 points.  Last week's average was 4.39% and this same rate one year ago was 4.54%.  The 15-year fixed rate has not been this high since December 31, 2009 when it averaged 4.54%.

“Once again, mortgage rates followed bond yields higher amid a positive March employment report,” said Frank Nothaft, Freddie Mac vice president and chief economist.  “The economy added 162,000 jobs, which was the largest monthly gain over the past three years.  In addition, revisions raised the January and February figures by a combined 61,000 workers.  Excluding government employees, private payrolls rose for the third consecutive month and were the strongest increase since May 2007.

“Following its extension in early November of last year, the homebuyer tax credit is showing some impact on housing market activity, mostly through the use of government-insured mortgages, which tend to be a favorite among first-time homebuyers.  Compared to the week ending December 4, 2009, which was the first week after the original expiration date, mortgage applications for home purchases are up 17 percent for the first week in April of this year for government-insured loans, compared to an 11 percent decline in conventional loans, according to the Mortgage Bankers Association. Also, pending existing home sales jumped 8.2 percent in February, well above the market consensus and represented the second largest increase since records began in 2001, the National Association of Realtors® reported. Homebuyers must enter a housing contract by April 30th and close by June 30th in order to receive the tax credit."  

Mortgage Rate Update Report  

Week Ending 04/02/10

Avg 30 yr fixed rates this week: 5.08%
Avg 30 yr fixed rates last week: 4.99%

Mortgages this week:

Mortgage rates were up last week, with the average 30-year fixed rate at 5.08% with an average of .07 points according to Freddie Mac’s weekly Primary Mortgage Market Survey. The prior week’s average 30-year fixed rate was 4.99%. One year ago, the 30- year fixed rate was 4.78%.

The average 15-year fixed rate last week was 4.39% with an average of 0.6 points. The prior week’s average was 4.34% and this same rate one year ago was 4.52%.

More News You Can Use:

The S&P/Case-Shiller Home Price Indices, the leading measures of U.S. home prices, released its 10-City and 20-City Composite price index this week. The 10-City Composite Price Index was unchanged from one year ago and the 20-City Composite was down only 0.7% from one year ago. This is the most positive showing for home prices in the past three years.