Mortgage Rates Remain Flat This Week, Still Below 5% for 19 Continuous Weeks

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According to Freddie Mac's (OTC:FMCC) latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage rate rose, the 15-year fixed-rate dipped slightly; shorter-term rates fell.

Frank Nothaft, vice president and chief economist, Freddie Mac said, "Interest rates on 30-year fixed mortgages have remained below 5 percent for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt. As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years, according to the Federal Reserve. Currently, four out of five mortgage applications are for refinancing existing mortgage debt, based on figures by the Mortgage Bankers Association."

The 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.7 point for the week ending September 16, 2010, up from last week when it averaged 4.35 percent. Last year at this time, the 30-year FRM averaged 5.04 percent. 

The 15-year FRM this week averaged a record low of 3.82 percent with an average 0.6 point, down slightly from last week when it averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 4.47 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.55 percent this week, with an average 0.6 point, down slightly from last week when it averaged 3.56 percent. A year ago, the 5-year ARM averaged 4.51 percent.

The 1-year Treasury-indexed ARM averaged 3.40 percent this week with an average 0.7 point, down from last week when it averaged 3.46 percent. At this time last year, the 1-year ARM averaged 4.58 percent. 



Freddie Mac defines its regions as follows:

Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU

 

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