Mortgage rates lowest in more than 50 years

Mortgage interest rates dropped to their lowest level in more than a half century as 30-year, conforming, fixed-rate mortgages (FRMs) sank to an average 4.15 percent for the week ending August 18.

by Broderick Perkins
© 2011 DeadlineNews.Com

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Deadline Newsroom - Mortgage interest rates dropped to their lowest level in more than 50 years as 30-year, conforming, fixed-rate mortgages (FRMs) sank to an average 4.15 percent for the week ending August 18, according to Freddie Mac's weekly Primary Mortgage Market Survey. The rate broke the previous record of 4.17 percent, set on November 11, 2010.

The average 30-year rate came with an average 0.7 point and was down from last week's 4.32 percent. The rate was 4.42 percent a year ago.

The 15-year FRM this week averaged 3.36 percent with an average 0.6 point, below last week's already historical low of 3.50 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week with an average 0.5 point, down from last week's 3.13 percent. This also represented a new historical low. The 5-year ARM averaged 3.56 percent a year ago.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged an all-time low 2.86 percent this week with an average 0.6 point. It dropped from last week's average of 2.89 percent. The 1-year ARM averaged 3.53 percent at this time last year.

Frank Nothaft, Freddie Mac vice president and chief economist, said, "The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week, allowing all mortgage products in our survey to reach all-time record lows. For instance, 30-year fixed mortgage rates are now the lowest in over 50 years. In comparison, the Bureau of Economic Analysis estimated the average effective mortgage rate was about 5.3 percent on single-family loans outstanding during the second quarter of 2011."

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

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Mortgage rates eye of Wall Street storm after S&P downgrade

Hand-wringing experts expected consumer interest rates to rise and the economic world to pretty much end in advance of 2012, but after the smoke cleared, investor confidence in U.S. Treasury bonds revealed the U.S. isn't a deadbeat.

by Broderick Perkins
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Deadline Newsroom - Contrary to overwrought expectations, mortgage rates moved down Monday, Aug. 8, the first business day after Standard & Poors downgraded the United' States credit rating from AAA to AA-plus.

Hand-wringing experts expected consumer interest rates to rise and the economic world to pretty much end in advance of 2012, but after the smoke cleared investor confidence in U.S. Treasury bonds revealed the U.S. isn't a deadbeat.

Erate.com reported the average annual percentage rate (APR) on conforming, 30-year, fixed-rate mortgages (FRMs) was 4.61 in its Aug. 2 report. By midday Aug. 8, the rate was down to 4.49 percent.

Whether mortgage rates will continue to fall due to the downgrade is anyone's guess. Between Wall Street's fear mongering collective and Washington, D.C.'s buck-passing political bullies, few seem to have the economic smarts necessary to come up with real answers to cure the nation's ailing economy.

The mortgage interest rate drop came after Standard & Poors went through with its warned downgrade to the nation's credit rating, as it chastised the nation's legislative branch as a dysfunctional family of ne'er-do-wells.

(See Brookings: "Is This Really The Worst Congress Ever?")

S&P made the move specifically because of legislators' political infighting, including the Tea Party's zero-tolerance for compromise and the failure of both sides to add or insist on revenue enhancing taxes to the shaky federal budget agreement, among several other reasons it had cited far in advance of the actual downgrade.

S&P said the toxic behaviors combined to reduce confidence in Washington's ability to get the budget deficit under control -- let along employment, economic growth and fiscal stability.

It's not something S&P and other raters seemed to consider during the run up to the crash, but so be it. Perhaps S&P and other raters are finally getting their house in order. The jury is still out there.

In any event, the downgrade created a panicked sell-off on Wall Street as the DOW Jones Industrial Average plunged 5.6 percent, falling some 630 points, to about 10,800, the lowest its been since the fall of 2008 and virtually matching the sixth largest one-day decline in DOW history.

The larger Wilshire 5000 lost $1 trillion on paper, falling 891 points, its third largest decline ever.

It wasn't as if any of the companies in either index really experienced any damage from S&P's downgrade, but as investors leaped from the closing windows of opportunity on Wall Street, others flocked to the bond market, pushing prices up and yields down. Mortgage rates are tied to bond yields and often move in lockstep with them.

On Aug. 8, the price of the 30-year U.S. Treasury bond jumped more than 3 points, while the benchmark 10-year note's price rose nearly 2 full points, and the 7-year note was up by more than a point.

The 30-year bond on Monday was yielding 3.69 percent, down from a Friday close at 3.85 percent, as the 10-year Treasury yield dropped from 2.57 percent to 2.36 percent, taking mortgage rates along for the ride.

The flight to the very Treasury bonds S&P downgraded, was nevertheless a flight to quality.

Government bonds typically represent the rate at which investing in them is considered risk-free, and, at $9.3 trillion, Treasury bonds is one of the deepest investment markets offering easy to buy and sell investments.

So, at least on Monday, mortgage interest rates actually benefited from the economic shenanigans that has the nation embroiled in uncertainty and frustration.

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Reduced conforming loan limit to hit Monterey County hardest

Barring Congressional action, Monterey County will be California's hardest hit county later this year when the conforming loan limit drops nationwide from the $729,950 limit to a maximum $625,500.

by Broderick Perkins
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Deadline Newsroom - If you plan to buy a California home that will require a big mortgage, move fast -- if you aren't already too late.

Barring Congressional action, Monterey County will be California's hardest hit county later this year when the conforming loan limit drops nationwide from the $729,950 limit to a maximum $625,500.

In Monterey County, the conforming loan limit will fall nearly $247,000 to $483,000, according to the California Association of Realtors (CAR).

Under the new FHA loan limits, after Monterey County the greatest drop in the loan limit would be Merced ($201,450) followed by Riverside ($164,650), San Bernardino ($164,650), Solano ($157,300), and San Diego ($151,250) counties.

Right now, non-conforming or jumbo loans typically carry a mortgage interest rate a quarter percentage point or more than a conforming loan, resulting in a higher down payment and larger monthly payment, according to Marc Mungaray, a loan officer, at Academy Mortgage in Monterey.

That reduces housing affordability and how much the spread could change is "anybody's guess," he says.

"Generally it's a quarter point but it could go up to a full point," Mungaray said.

Approximately 9 percent of home sales could feel the squeeze in Monterey County, CAR projects, 30,000 statewide.

The conforming loan limit determines the maximum size of a mortgage that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee. The GSEs back 95 percent of today's mortgages.

"By reducing the conforming loan limit, thousands of California home buyers will be shut out of homeownership," said CAR President Beth L. Peerce.

"The higher mortgage loan limits are critical to providing liquidity in today’s housing market and are essential to our housing recovery. We urge Congress to maintain the current limits and make them permanent to provide homeowners and home buyers with affordable financing and help stabilize local housing markets," Peerce said.

That's not likely given federal legislators' penchant for budget-balancing efforts that include rolling back housing relief provisions put in place even before and after the Great Recession.

The higher conforming loan limits were part of the Housing and Economic Recovery Act (HERA of 2008 to the GSEs to insure, guarantee and buy more mortgages at a time when private funding froze during the financial crisis.

While some say private banks will pick up the slack, others aren't so sure.

On July 13, 2011, Federal Reserve Chairman Ben Bernanke told the U.S. House of Representatives' Financial Services Committee the private market was set to fill the void when the conforming loan limits on government-backed mortgages are set to expire in October, but at a higher cost to homebuyers.

"As far as Fannie Mae and Freddie Mac are concerned, there is a tradeoff there between supporting the higher priced homes and weaning the housing finance system off of unusual limits it was put under during the crisis," Bernanke said.

"I understand the private sector is taking at least a significant number of the jumbo mortgage market but at a higher cost," he added.

However, CAR said, in anticipation of the expiration of current loan limits on Sept. 30, 2011, Bank of America on July 1 stopped accepting conventional and government applications for loan amounts that will exceed the lower loan amounts.

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Mortgage rate record run ends

Quick! Click my head!

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.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


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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Mortgage rates set records for nine consecutive weeks

Get offbeat! Click my head!

Mortgage interest rates are once again the lowest they've been since Freddie Mac's weekly Primary Mortgage Market Survey began nearly 40 years ago.

by Broderick Perkins
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Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 19, averaged 4.42 percent, the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all-time low for average 30-year rates came with an average 0.7 point and was down from 4.44 percent last week. The rate averaged 5.12 percent a year ago.

The 15-year FRM this week also averaged a record low of 3.90 percent with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago at this time, the 15-year FRM averaged 4.56 percent, Freddie Mac reported. This week's rate is the lowest its been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained at its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.56 percent this week, with an average 0.6 point, unchanged from last week's 3.56 percent average. A year ago, the 5-year ARM averaged 4.57 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, the same as last week's 3.53 percent average. Last year at this time, the 1-year ARM averaged 4.69 percent.

"Investors in long-term bonds appear very confident that inflation will remain in check, and as a result long-term fixed mortgage rates have continued to fall," said Amy Crews Cutts, Freddie Mac deputy chief economist.

"This week marks the ninth straight week in the Primary Mortgage Market Survey that 30-year-fixed mortgage rates have met or set a new record low," she added.

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.

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Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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Record low mortgage rates on a roll

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 12, averaged 4.44 percent -- the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 12, averaged 4.44 percent, another low -- the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all-time low for average 30-year rates came with an average 0.7 point and was down from 4.49 percent last week. The rate averaged 5.29 percent a year ago.

The 15-year FRM this week also averaged a record low of 3.92 percent with an average 0.6 point, down from last week when it averaged 3.95 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent, Freddie Mac reported. This week's rate is the lowest its been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also reached its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.56 percent this week, with an average 0.7 point, down from last week's 3.63 percent average. A year ago, the 5-year ARM averaged 4.75 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, down from last week's 3.55 percent average. Last year at this time, the 1-year ARM averaged 4.72 percent.

"Interest rates for fixed mortgages and 5-year hybrid ARMs again broke record lows this week following reports of a sluggish job market, " said Frank Nothaft, Freddie Mac vice president and chief economist.

He added, "Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. "


Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.



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How low can they go? Mortgage rate records fall again

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 5, averaged 4.49 percent, the lowest its been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 5, averaged 4.49 percent, the lowest its been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all time low for average 30-year rates came with an average 0.7 point and was down from 4.54 percent last week . The rate averaged 5.22 percent a year ago.

The 15-year FRM this week averaged 3.95 percent with an average 0.6 point, down from last week when it averaged 4.00 percent. A year ago at this time, the 15-year FRM averaged 4.63 percent, Freddie Mac reported. This week's rate is the lowest the rate has been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also reached its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.63 percent this week, with an average 0.6 point, down from last week's 3.76 percent average. A year ago, the 5-year ARM averaged 4.73 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.55 percent this week with an average 0.7 point, down from last week's 3.64 percent average. Last year at this time, the 1-year ARM averaged 4.78 percent.

"And yet again, interest rates for fixed-rate mortgages and now the hybrid 5-year ARM fell to all-time record lows following the second quarter GDP release. This reduces inflationary pressures and allows longer-term rates room to ease, " said Frank Nothaft, Freddie Mac vice president and chief economist.

Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.


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Mortgage rates on six-week, record-breaking slide

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 29, averaged 4.54 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 29, averaged 4.54 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

A new all time low in Freddie Mac's 39-year rate survey, the average 30-year rate came with an average 0.7 point and was down from last week's 4.56 percent. The rate averaged 5.25 percent a year ago.

The 15-year FRM, this week, also averaged a record low of 4.00 percent with an average 0.7 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.76 percent this week, with an average 0.7 point, down from last week's 3.79 percent average. A year ago, the 5-year ARM averaged 4.75percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.64 percent this week with an average 0.7 point, down from last week's 3.70 percent average. Last year, at this time, the 1-year ARM averaged 4.80 percent.

"For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports," said Frank Nothaft, Freddie Mac vice president and chief economist.

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Another record low mortgage rate

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 8, averaged 4.57 percent, the latest all time low in Freddie Mac's 39-year rate survey.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 8, averaged 4.57 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

That's an all time low in Freddie Mac's 39-year rate survey.

The July 8 average 30-year rate came with an average 0.7 point and was down just a tick from 4.58 percent last week. The rate averaged 5.20 percent a year ago.

"As long as deflation continues to override inflation as the predominant concern of the Fed and the demand for U.S. Treasuries is sustained by a flight to quality as a number of economies around the globe self-destruct, interest rates in the U.S. could remain low for the foreseeable future," said Nancy Osborne, chief operating officer of Erate.com, a Santa Clara, CA-based financial information publisher and interest rate tracker.

The 15-year FRM, this week, averaged 4.07 percent with an average 0.7 point, up from last week when it averaged 4.04 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent this week, with an average 0.7 point, the lowest its been since 2005 and down from last week's 3.79 percent average. A year ago, the 5-year ARM averaged 4.82 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.75 percent this week with an average 0.7 point, down from last week's 3.80 percent average. Last year, at this time, the 1-year ARM averaged 4.82 percent.

"With mortgage rates falling to historic lows, refinance activity has been strong over the past three months," said Frank Nothaft, Freddie Mac vice president and chief economist.

"The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below six percent in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according the Mortgage Bankers Association," Nothaft added.

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New mortgage rate record lows

Consumers change habitsl

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending July 1 averaged 4.58 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Like last week, all but one mortgage rate tracked weekly by Freddie Mac hit an all time record low this week.

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending July 1 averaged 4.58 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

The July 1 average 30-year rate came with an average 0.7 point and was down from 4.69 percent last week and 5.32 percent a year ago.

The 15-year FRM, this week, averaged 4.04 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.77 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.79 percent this week, with an average 0.7 point, down from last week's 3.84 percent average. A year ago, the 5-year ARM averaged 4.88 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.80 percent this week with an average 0.7 point, up from last week's 3.77 percent average. At this time last year, the 1-year ARM averaged 4.94 percent.

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Most mortgage rates dip to new record lows

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 24 averaged 4.69 percent, just off the last record 4.71 percent set December 3, 2009. The new record low is the lowest the rate has been since April 1971.

by Broderick Perkins
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Deadline Newsroom - All but one mortgage rate tracked weekly by Freddie Mac hit all time record lows this week, on the heels of the Federal Reserve keeping benchmark, short term interest rates unchanged.

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs) for the week ending June 24 averaged 4.69 percent, just off the last record 4.71 percent set December 3, 2009. The new record low is the lowest the rate has been since April 1971 when Freddie Mac first began its weekly Primary Mortgage Market Survey.

The June 24 average 30-year rate came with an average 0.7 point and was down from 4.75 percent last week and 5.42 percent a year ago.

The 15-year FRM, this week, averaged 4.13 percent with an average 0.6 point, the lowest the 15-year FRM has been since Freddie Mac began tracking the rate in September 1991. The new record was also down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year FRM averaged 4.87 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent this week, with an average 0.7 point, down from last week's 3.89 percent average. This is the lowest the 5-year ARM has been since Freddie Mac started tracking it in January 2005. A year ago, the 5-year ARM averaged 4.99 percent.

The new low interest rate records came after continued reports of sluggish home sales and after the Federal Reserve proclaimed it would hold short-term interest rates near zero longer, for "an extended period," a policy it's held since 2008.

Citing high unemployment, sluggish domestic economic growth and financial turmoil overseas, the Fed's policy should help keep mortgage interest rates low, perhaps breaking new records in the months ahead.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.77 percent this week with an average 0.7 point, down from last week's 3.82 percent average. The 1-year ARM has not been lower since the week ending May 6, 2004, which it averaged 3.76 percent. The record low for the 1-year ARM, 3.36 percent came during the week of March 25, 2004. At this time last year, the 1-year ARM averaged 5.93 percent.

"Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in housing market slowed in May following the expiration of the homebuyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist.

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Record low mortgage rates not enticing buyers

Payday loan 'alternatives'

Even with sellers slashing home prices the mortgage market is a dismal reflection of a housing market that can't hack it without the expired federal tax credit and other government incentives.

by Broderick Perkins
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Deadline Newsroom - The number of customers applying for a home purchase mortgage fell to the lowest level in 13 years last week, according to the Mortgage Bankers Association's (MBA) report for the week ending June 4.

Even with sellers slashing home prices the mortgage market is a dismal reflection of a housing market that can't hack it without the expired federal tax credit and other government incentives.

Other reasons consumers aren't buying lower rates include:

• Homeowners can't refinance because they remain "underwater" on their mortgages.

• Jobs. Enter, the new NINJA loan. No income. No Job. No approval.

• Credit scores have been damaged by unemployment, unaffordable interest resets on adjustable rate mortgages (ARMs), loan workouts, foreclosures and other distress on the home front.

• While consumers are suffering lower credit scores and weaker financials, lenders are demanding higher scores and stronger personal asset profiles.

Get the full story here: "Mortgage rates not low enough for housing consumers"

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Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Mortgage rates remain at record lows

Loan delinquencies decline

The economy grew at a slower rate than originally reported in the first three months of the year. As a result, mortgage rates held at historic levels this week.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Mortgage interest rates remained in record low territory for the week ending June 3, coming in at an average 4.79 percent for 30-year fixed-rate conforming mortgages (FRMs).

The June 3 average rate came with an average 0.8 point and was virtually unchanged from 4.78 percent last week, but down from 5.29 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey

The record low average 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

The 15-year FRM this week averaged 4.20 percent with an average 0.7 point, down from last week when it averaged 4.21 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.79 percent, Freddie Mac reported.

"The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term," said Frank Nothaft, Freddie Mac vice president and chief economist.

"As a result, mortgage rates held at historic levels this week. In fact, rates on 15-year fixed-rate mortgages set another record low for the third week in a row," Nothaft said.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.94 percent this week, with an average 0.7 point, down from last week's 3.97 percent average. A year ago, the 5-year ARM averaged 4.85 percent.

The 1-year Treasury-indexed ARM averaged 3.95 percent this week with an average 0.7 point, unchanged from last week. 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 4.81 percent.

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Mortgage rates at year's lowest levels

Credit CARD Act rewards

Mortgage interest rates were at their lowest level of the year this week. Edging ever closer to Freddie Mac's record low 4.71 percent, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 27, fell to 4.78 percent.

by Broderick Perkins
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Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Edging ever closer to Freddie Mac's record low 4.71 percent, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 27, fell to 4.78 percent.

The May 27 average rate came with an average 0.7 point and was down from 4.84 percent last week, and down from 4.91 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey

The record 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

These "low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist.

The 15-year FRM this week averaged 4.21 percent with an average 0.7 point, down from last week when it averaged 4.24 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.53 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent this week, with an average 0.6 point, up from last week when it averaged 3.91 percent. A year ago, the 5-year ARM averaged 4.82 percent.

The 1-year Treasury-indexed ARM averaged an even 3.95 percent this week with an average 0.6 point, down from last week when it averaged 4 percent. 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 4.69 percent.

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Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Mortgage rates at year's lowest levels

Bra lifts, separates, cultivates

The May 13 average, the lowest it's been since Dec. 10, 2009, also closed in on Freddie Mac's 4.71 percent record low, posted Dec. 3, 2009.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - At the 4.93 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 13, was at it's lowest point since Dec. 10, 2009, when it averaged 4.81 percent, according to the Freddie Mac Primary Mortgage Market Survey.

The May 13 average also closed in on the 4.71 percent record low, posted Dec. 3, 2009 -- the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.

"Interest rates on fixed rate mortgages declined for the fifth straight week," said Frank Nothaft, Freddie Mac vice president and chief economist.

The May 13, 4.93 percent average rate came with an average 0.7 point and was down from 5.00 percent last week, but up slightly from 4.86 percent a year ago.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. The 15-year FRM has not been lower since the week ending Dec. 3, 2009 when it was 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, also down from last week when it averaged an even 3.97 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in Jan. of 2005. A year ago, the 5-year ARM averaged 4.82 percent.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. The 1-year ARM has not been lower since the week ending Nov. 4, 2004, which it was 4 percent. At this time last year, the 1-year ARM averaged 4.71 percent.

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Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Mortgage rates back to lowest levels in six weeks

Mortgage interest rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to Freddie Mac's survey in early 2005.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - At the 5 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 6, was at it's lowest point since March 25, when it averaged 4.99 percent, according to the Freddie Mac Primary Mortgage Market Survey.

The May 6, 5 percent average rate for conforming loans came with an average 0.7 point and was down from 5.06 percent last week, but up from 4.84 percent a year ago.

The 15-year FRM this week averaged 4.36 percent with an average 0.7 point, down from last week when it averaged 4.39 percent. A year ago at this time, the 15-year FRM averaged 4.51 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.97 percent this week, with an average 0.7 point, also down from last week when it averaged an even 4 percent. A year ago, the 5-year ARM averaged 4.90 percent.

"Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid ARMs followed suit," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to the survey in the beginning of 2005," Nothaft added.

The 1-year Treasury-indexed ARM averaged 4.07 percent this week with an average 0.6 point, down from last week when it averaged 4.25 percent. At this time last year, the 1-year ARM averaged 4.78 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.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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