This school has gone to pot
by Broderick Perkins
© 2009 DeadlineNews.Com
Unauthorized use of this story is a copyright violation -- a federal crime
Deadline Newsroom - The average interest rate on a 30-year, fixed-rate mortgage (FRM) came in at 5.06 percent, the week ending Jan. 14, with an average 0.7 point, down a few ticks from 5.09 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 4.96 percent.
The 15-year FRM this week was also down, averaging 4.45 percent with 0.6 point, down from 4.50 percent last week. A year ago the 15-year FRM averaged 5.25 percent.
The lower rates continued to fuel refinance activity in the housing market. For the past several months, 75 percent of conventional mortgage applications were for refinance transactions, according the Mortgage Bankers Association.
"Refinance applications continue to rule the day as rates dipped … and consumers jumped on them," said Nancy Osborne, chief operating officer of Erate.com, a Santa Clara, CA-based financial information publisher and interest rate tracker.
"Interest rates will not remain at historic lows forever, so borrowers better grab them and take advantage while they can," she added.
Meanwhile, ARMs were mixed.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.32 percent the week ending Jan. 14, with an average 0.6 point, down from last week's 4.44 percent average.
The 1-year Treasury-indexed ARM came in at an average 4.39 percent this week with an average 0.5 point, up from last week's 4.31 percent average, according to Freddie Mac.
A year ago the 5-year ARM averaged 5.25 percent. The 1-year ARM averaged 4.89 percent this time last year.
• Click on the keywords below for more stories on this subject.
© 2009 DeadlineNews.Com
Advertise on DeadlineNews.Com | Shop DeadlineNews.Com
Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.
You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.
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.
Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner
DeadlineNews.Com's Editorial Content Is Intellectual Property • Unauthorized Use Is A Federal Crime
1 comment:
When we came to know about any post having some good news like you have shared about the down interest rates, gives a lot of pleasure, especially when we talk about the mortgages.
Post a Comment