Thursday, January 21, 2010
by Broderick Perkins
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Deadline Newsroom - The average interest rate on a 30-year, fixed-rate mortgage (FRM) dropped below the 5 percent mark, slipping to 4.99 percent for the week ending Jan. 21.
The rate includes an average 0.7 point and was down from 5.06 percent a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 5.12 percent.
The 15-year FRM this week was also down, averaging 4.40 percent with 0.6 point, down from 4.45 percent last week. A year ago the 15-year FRM averaged 4.80 percent.
After rising through December, 2009, FRMs have been slowly reversing course in January with three consecutive weeks of declines. That's boosted refiinancing.
Frank Nothaft, Freddie Mac vice president and chief economist said, "Similarly, ARM rates eased along with shorter-term rates, as the federal funds futures market indicates no increase in the Federal Reserve's target rate following its upcoming committee meeting on January 26 and 27.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent the week ending Jan. 21, with an average 0.6 point, down from last week's 4.32 percent average. A year ago the rate was 5.24 percent.
The 1-year Treasury-indexed ARM came in at an average 4.32 percent this week with an average 0.6 point, down from last week's 4.39 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.92 percent.
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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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