February 6, 2011

Freddie Mac Weekly Update: Mortgage Rates Show Mixed Results

30-year fixed-rate mortgage: Averaged 4.81 percent with an average 0.8 point for the week ending February 4, 2011, up  from last week when it averaged 4.80 percent.; Last year at this time, the 30-year FRM averaged 5.01 percent.

The 15-year fixed-rate mortgage: A veraged 4.08 percent with an average 0.8 point, down from last week when it averaged 4.09 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.

Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.69 percent this week, with an average 0.7 point, down from last week when it averaged 3.70 percent. A year ago, the 5-year ARM averaged 4.27 percent.
One-year Treasury-indexed ARMs: Averaged 3.26 percent this week with an average 0.6 point, the same as last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.22 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010. In the fourth quarter, the  economy grew at a 3.2 percent annualized rate, compared to 2.6 percent in the third quarter, and was led by a 4.4 percent gain in consumer spending. In addition, the  core price index for consumer expenditures rose by an annualized rate of 0.4 percent, which was the smallest increase ever since records began in 1959
In the fourth quarter of 2010, housing was the most affordable on record according to figures published by the  National Association of Realtors which date back to 1971
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