Thursday, February 11, 2010

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
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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.

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