3 reasons why California housing is about to go bust

Here's where expert economists think housing is going

Where will we be in 2019?

Washington is protecting buyers right out of homeownership

BPC Housing Commissioner: Give borrowers a chance to fail
W S

2010 average rate for 30-year mortgage lowest since 1955: Freddie Mac

/ Print / Reprints /
| Share More
/ Text Size+
Mortgage interest rates rose again this week but remain lower than a year ago, and the average rate for a traditional 30-year, fixed loan for 2010 was the lowest in 55 years, according to Freddie Mac. The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.86% for the week ending Thursday, up from 4.81% a week earlier. A year ago, the average rate was 5.14%. "For the year as a whole, 30-year fixed mortgage rates averaged just below 4.7%, which represented the lowest annual average since 1955 when the average price of a home was $22,000," according to Freddie Mac chief economist Frank Nothaft. Earlier in December, Nothaft said he expects rates on a 30-year, fixed mortgage to remain below 5% throughout 2011, as the economic recovery accelerates. The average rate for a 15-year, fixed mortgage increased to 4.2% from 4.15% the prior week, according to the Freddie Mac survey. Interest rates for the traditional 30-year mortgage dipped to as low as 4.07% in early November, according to real estate research firm Zillow. Freddie Mac reported 30-year, fixed rates hit 4.17% in early November. Freddie Mac said the average five-year, adjustable-rate mortgage increased to 3.77% this week from 3.75% a week earlier but is down from 4.44% a year ago. The average rate for a one-year, ARM fell to 3.26% from 3.40% a week ago. The rate is down from 4.33% at this time last year. Write to Jason Philyaw.

Recent Articles by Jason Philyaw

Comments powered by Disqus