Thursday, February 4, 2010

Mortgage interest rates stable

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Mortgage rates remained relatively stable for a second week, inching just above 5 percent, amid news of a strengthening housing market.

by Broderick Perkins
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Deadline Newsroom - The average interest rate on a 30-year, fixed-rate mortgage (FRM) moved slightly above the 5 percent mark for the week ending Feb. 4, 2010, inching up to 5.01 percent from 4.98 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 5.25 percent.

The 15-year FRM this week was also little changed, averaging 4.40 percent compared to 4.39 percent last week. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.92 percent.

"Mortgage rates remained relatively stable for a second week, amid news of a strengthening housing market," said Frank Nothaft, Freddie Mac vice president and chief economist.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent the week ending Feb. 4, with an average 0.6 point, up from 4.25 percent from last week. A year ago the rate was 5.26 percent.

The 1-year Treasury-indexed ARM came in at an average 4.22 percent this week with an average 0.5 point, down from last week's 4.29 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.92 percent.

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