Average interest rates on 30-year mortgages declined in two weekly surveys. Freddie Mac’s (FRE) weekly survey put the average rate for a 30-year fixed-rate mortgage (FRM) at 5.04% with an average 0.7 point for the weekend ending Sept. 17, down 3bps from the week prior when the 5.07% and down from the same week one year ago, when it was 5.78%. Bankrate.com’s survey of major US banks and thrifts put the average 30-year FRM rate at 5.4% with an average 0.34 point, down 1bp from last week, and down from 6.15% one year ago. Freddie Mac said the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rate was 4.51% with an average 0.5 point, up from one week ago, when it was 4.51%. Freddie Mac also calculated the average one-year ARM at 4.58% with an average 0.5 point, down from last week’s rate of 4.64%. Bankrate.com said the average rate for a 15-year FRM increased 1bp to 4.75% from last week while the benchmark 5/1 ARM declined 5bps to 4.89%. “Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at 3-month lows,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Interest rates for 30-year fixed-rate mortgages have averaged just above 5% through mid-September, which is roughly a percentage point below last year’s average and suggests that 2009 may reach a record annual low since the survey began in 1971.” Write to Austin Kilgore.
Freddie, Bankrate Weekly Mortgage Rates Dip Slightly
Most Popular Articles
Latest Articles
Pennsylvania home sales surge in March
Even as the spring homebuying season got off to a slow start across much of the U.S., one of the most populous states saw increased activity.
-
Ginnie Mae expands its monthly single-family reporting
-
Freddie Mac’s proposed home equity product could unlock $850B in originations
-
Brian Icenhower on impact of commission lawsuits and low volume
-
Opinion: If you’re chasing volume, you’re chasing the wrong carrot
-
Why are existing home prices rising when sales are still so low?