Mortgage rates dipped below 5%, according to Freddie Mac’s (FRE) weekly survey. The average rate for a 30-year fixed-rate mortgage (FRM) was 4.97% with an average 0.7 origination point for the week ending February 11. That’s down slightly from one week ago, when the rate was 5.01%. A year ago, the average rate was 5.16%. “Interest rates on 30-year fixed-rate mortgages are below 5 percent for a third week this year, which helps a number of homeowners to refinance their existing housing debt” said Frank Nothaft, Freddie Mac vice president and chief economist. “In mid-June of last year, for example, 30-year fixed-mortgage rates topped nearly 5.6%. Currently, the monthly payments would be almost $77 per month lower on a $200,000 loan balance,” Nothaft added. Bankrate.com’s survey of large banks and thrifts put the average rate for 30-year FRM at 5.15% with an average 0.44 point, steady from its average a week ago. Last year, Bankrate.com put the 30-year FRM at 5.34%. Freddie said the 15-year FRM averaged 4.34% with an average 0.6 point, down from last week’s average of 4.4% and a year ago, when the average was 4.81%. Bankrate.com put the 15-year FRM at 4.52% with a 0.44 origination point, down from 4.55% a week ago. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19% with an average 0.6 point, down from last week’s average of 4.27% and last year’s average of 5.23%. Bankrate.com put the five-year ARM at 4.56%, steady from last week. Freddie said the one-year Treasury-indexed ARM averaged 4.33% with an average 0.6 point, up from last week when it averaged 4.22% but down from last year’s average of 4.94%. Write to Austin Kilgore. The author held no relevant investments.
Freddie: 30-Year Fixed Mortgage Rates Dip Below 5%
Most Popular Articles
Latest Articles
Kristen Sieffert leads the reverse mortgage presence at The Gathering
FOA’s president spoke about bringing reverse mortgages into the mainstream at the event in Scottsdale, Arizona.