Archive for March, 2009
30 Year Fixed Rate Click Just up a bit !
Related Posts: Credit & Finance, Government, Real Estate News, What If Realty News
hiFYI ……… The average rate on a 30-year fixed mortgage increased to 5.07 percent this week from 5.04 percent last week. A year ago, the 30-year, fixed-rate mortgage averaged 6.24 percent.
Average rates for 30-year-fixed mortgages hit a record low of 4.96 percent in January, a decline attributed to the Federal Reserve’s move to buy $500 billion in mortgage-backed securities to spur lending by banks.
This week’s average rate on a 15-year fixed-rate mortgage was 4.68 percent – unchanged from last week. Last year at this time, the 15-year rate averaged 5.72 percent.
Average rates on five-year, adjustable-rate mortgages increased to 5.06 percent, up slightly from 5.04 percent last week. Rates on one-year, adjustable-rate mortgages rose slightly to 4.81 percent from 4.8 percent last week.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point for 30-year and 15-year fixed rate mortgages, and for five-year adjustable rate mortgages. The fee for one-year adjustable rate mortgages was 0.6 point.
Mortgage finance companies Fannie Mae and Freddie Mac, which were seized by the federal government in September 2008, own or guarantee almost 31 million home loans worth about $5.5 trillion. That’s more than half of all U.S home mortgages.
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