Sunday, September 12, 2010
by Broderick Perkins
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Deadline Newsroom - After weeks of falling rates, mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), rose slightly to average 4.35 percent for the week ending September 9, according to Freddie Mac's weekly Primary Mortgage Market Survey.
The number for average 30-year rates came with an average 0.7 point and was up from 4.32 percent last week. The rate averaged 5.07 percent a year ago.
The 15-year FRM this week remained at a record low of 3.83 percent with an average 0.6 point, unchanged from last week when it also averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 4.50 percent, Freddie Mac reported. This week's rate is the lowest it's been since 1991, when Freddie Mac started tracking the rate.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly, according to Freddie Mac. It averaged 3.56 percent this week, with an average 0.6 point, up from last week's 3.54 percent average. A year ago, the 5-year ARM averaged 4.51 percent.
Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.46 percent this week with an average 0.7 point, lower than last week's 3.50 percent average. Last year at this time, the 1-year ARM averaged 4.64 percent.
"While overall employment was down in August, private non-farm payrolls rose more than the market consensus forecast, and the prior two months' employment figures were revised up," said Frank Nothaft, Freddie Mac vice president and chief economist.
"This somewhat sanguine report had a mixed effect on mortgage rates this week, with the 30-year fixed rate nudged up but the 15-year fixed rate unchanged. Pending sales of existing homes rebounded in July, a hopeful sign that existing home sales picked up toward the end of summer," he added.
Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.
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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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Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.
Perkins was the first Examiner to cover three beats for the Examiner.com news service:
• National Real Estate Examiner
• National Consumer News Examiner
• National Offbeat News Examiner
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