30-year fixed-rate mortgage: Averaged 5.20 percent with an average 0.7 point for the week ending July 23, 2009, up from last week when it averaged 5.14 percent. Last year at this time, the 30-year FRM averaged 6.63 percent.
15-year fixed-rate mortgage this week: Averaged 4.68 percent with an average 0.7 point, up from last week when it averaged 4.63 percent. A year ago at this time, the 15-year FRM averaged 6.18 percent.
Five-year Treasury-indexed hybrid ARMs: Averaged 4.74 percent this week, with an average 0.7 point, down from last week when it averaged 4.83 percent. A year ago, the 5-year ARM averaged 5.49 percent.
One-year Treasury-indexed ARMs: Averaged 4.77 percent this week with an average 0.6 point, up slightly from last week when it averaged 4.76 percent. At this time last year, the 1-year ARM averaged 5.49 percent.
Freddie Sayz
Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher while initial rates on ARMs were flat to down slightly, said Frank Nothaft, Freddie Mac vice president and chief economist. Federal Reserve Chairman Bernanke, during his July 22 Senate testimony, noted that mortgage rates are lower than they were last fall, in part because of the Federal Reserves actions, and housing affordability right now is the highest its been in many years.
Newly released housing indicators contain positive signs that the worst may be behind us. Home prices were down 5.6 percent between May 2008 and May 2009, the smallest 12-month decline since June 2008, based on the Federal Housing Finance Agency’s monthly House Price Index. New construction of one-family homes jumped 14.4 percent in June to an annualized pace of 470,000 units, the most since October 2008, according to the Commerce Department. In addition, the National Association of Home Builders reported that homebuilders' assessments of market conditions in July and for the remainder of this year strengthened to a 10-month high
Thanks for Reading
Howard Bell
A web site of over 450 articles related to real estate focused primarily on property management.
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