Porn study quickly goes flaccid
by Broderick Perkins
© 2009 DeadlineNews.Com
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Deadline Newsroom - After falling for several weeks, mortgage interest rates turned around this week, rising to 5.06 percent, from 5.01 percent a week ago for fixed-rate mortgages (FRMs) on conforming 30-year loans, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
However, both the highest 30-year FRM, with an annual percentage rate (APR) of 6.96 percent, and the lowest, at 4.32 percent, remained unchangedfor the past two weeks, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983.
The average 30-year conforming FRM of 5.06 percent was down from a year ago when it was three-quarters of a percentage point higher at 5.58 percent.
The average 15-year FRM came in Dec. 8 at 4.53 percent, up from 4.51 a week ago, but down from 5.36 percent a year ago.
The average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.54 percent, also up from last week, but down from 4.62 percent a year 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.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans, 6.13 percent rose from 6.05 percent a week ago, for the second week in a row. Still it remained well off the 7.23 percent rate this time last year.
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.
For home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note, the variable rate came in at an average 4.99 percent, virtually unchanged from a week ago and up slightly from 4.97 percent a year ago.
Also relatively unchanged were average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note. They came in at 7.60 percent, down just a tad from 7.61 percent last week and down from 8.09 percent a year ago, according to Informa's survey.
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
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