Archive for August, 2009

30-year Fixed Rate at 5.22 Pct

Aug 8th 2009

Related Posts: Credit & Finance, Government, What If Realty News

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The average rate on a 30-year fixed rate mortgage was 5.22 percent, down from last week, when it was 5.25 percent. Last year at this time, the 30-year fixed rate mortgage rate averaged 6.52 percent.

Low mortgage rates can spur refinance activity and make homebuying more attractive.Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

The average rate on a 15-year fixed-rate mortgage fell to 4.63 percent from 4.69 percent last week.

Rates on five-year, adjustable-rate mortgages averaged 4.73 percent, down from 4.75 percent last week. Rates on one-year, adjustable-rate mortgages dropped to 4.78 percent from 4.8 percent.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.6 point for every loan in the survey except for one-year adjustable rate mortgages, which averaged 0.5 point.

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