We've gone offbeat!
Quick! Click my head!
by Broderick Perkins
© 2010 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) stayed below the 5 percent mark, slipping to 4.98 percent for the week ending Jan. 21.
The rate includes an average 0.6 point and was down from 4.99 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 5.10 percent.
The 15-year FRM this week was also down by inches, averaging 4.39 percent from 4.40 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.80 percent.
"Mortgage rates held steady this week ahead of the Federal Reserve’s (Fed) policy committee meetings. The Fed announced on January 27th that economic activity has continued to strengthen. It also noted that with substantial resource slack continuing to restrain cost pressures and with longer-term inflation expectations stable, inflation is likely to be subdued for some time," said Frank Nothaft, Freddie Mac vice president and chief economist.
As a result of the Feds findings it left benchmark rates unchanged.
Interest rates barely moved in anticipation of the Feds action -- or lack thereof.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent the week ending Jan. 28, with an average 0.6 point, down from last week's 4.27 percent average. A year ago the rate was 5.27 percent.
The 1-year Treasury-indexed ARM came in at an average 4.29 percent this week with an average 0.5 point, down from last week's 4.32 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.90 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.
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
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