30-year fixed-rate mortgage: Averaged 4.97 percent with an average 0.7 point for the week ending February 11, 2010, down from last week when it averaged 5.01 percent. Last year at this time, the 30-year FRM averaged 5.16 percent.
The 15-year fixed-rate mortgage: Averaged 4.34 percent with an average 0.6 point, down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 4.81 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 4.19 percent this week, with an average 0.6 point, down from last week when it averaged 4.27 percent. A year ago, the 5-year ARM averaged 5.23 percent.
One-year Treasury-indexed ARMs: Averaged 4.33 percent this week with an average 0.6 point, up from last week when it averaged 4.22 percent. At this time last year, the 1-year ARM averaged 4.94 percent.
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 percent. Currently, the monthly payments would be almost $77 per month lower on a $200,000 loan balance. In all, more than two out of three mortgage applications were for refinance transactions over the first six weeks of 2010, according to the Mortgage Bankers Association