Thursday, June 17, 2010

Mortgage rates little changed

by Broderick Perkins
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Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 17 averaged 4.75 percent, a notch up from 4.72 percent last week.

The record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest ever since Freddie Mac began its weekly Primary Mortgage Market Survey in 1971.

The June 17 average rate came with an average 0.7 point and was down from 5.38 percent a year ago, according to the survey.

The 15-year FRM this week averaged 4.20 percent with an average 0.7 point, also up from last week when it averaged 4.17 percent. A year ago at this time, the 15-year FRM averaged 4.89 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.89 percent this week, with an average 0.7 point, down from last week's 3.92 percent average. This is the lowest the 5-year ARM has been since Freddie Mac started tracking it in January of 2005. A year ago, the 5-year ARM averaged 4.97 percent.

The 1-year Treasury-indexed ARM averaged 3.82 percent this week with an average 0.6 point, down from last week's 3.91 percent average. The 1-year ARM has not been lower since the week ending May 27, 2004, which it averaged 3.87 percent. At this time last year, the 1-year ARM averaged 5.04 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.

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