Mortgage interest rates slip below 5 percent again

Oversized, ugly baby as art

Refinancing homeowners continue to enjoy low interest rates as the average interest rate on a 30-year, fixed-rate mortgage (FRM) dipped below the 5 percent mark this week.

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) dipped below the 5 percent mark falling to 4.97 percent, for the week ending Feb. 11, 2010, down from 5.01 percent last week.

The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

Last year, at this time, the 30-year FRM average was 5.16 percent.

The 15-year FRM this week was little changed, averaging 4.34 percent compared to 4.40 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.81 percent.

The low rates continued to convince homeowners to refinance. More than two out of three mortgage applications were for refinance transactions over the first six weeks of 2010 according to the Mortgage Bankers Association.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19 percent the week ending Feb. 11, with an average 0.6 point, down from 4.27 percent from last week. A year ago the rate was 5.23 percent.

The 1-year Treasury-indexed ARM came in at an average 4.33 percent this week with an average 0.6 point, up from last week's 4.22 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.94 percent.


• Click on the keywords below for more stories on this subject.

© 2010 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