Flat Mortgage Rates
October 12, 2009
Freddie Mac reported the results of the Primary Mortgage Market Survey, which showed that the 30-year fixed-rate mortgage averaged 5.03% with an average 0.7 point for the week ending October 29, 2009. This figure is up from last week when it averaged 5.00%. The same time period of 2008 had the figure at 6.46% for a 30-year fixed-rate mortgage.
The 15-year fixed-rate mortgage averaged 4.46% with an average 0.6 point, which is up from last week when it averaged 4.43%. A year ago at this time the 15-year fixed-rate mortgage averaged 6.19%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.42% with an average 0.6 point, which is up from 4.40%. A year ago, the 5-year adjustable-rate mortgage averaged 6.36%.
The one-year Treasury-indexed adjustable-rate mortgage averaged 4.57% with an average 0.6 point, which is up from 4.54%. At this time last year, the 1-year adjustable-rate mortgage averaged 5.38%.
Frank Nothaft, vice president and chief economist for Freddie Mac stated, “Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the lowest 10-month average since the survey began in 1971,”… “As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year,” according to Freddie Mac’s survey.”
Economic data releases this week offered mixed signals as to the current state of the housing market. For example, total existing home sales jumped 9.4 percent to an annualized rate of 5.57 million homes in September, the strongest pace since July 2007, according to the National Association of Realtors®. However, new home sales unexpectedly fell 3.6 percent to 402,000 houses, the weakest since June of this year, based on figures from the Department of Commerce. Nonetheless, stronger housing demand has lowered the inventory of unsold existing homes in September to the lowest since January of this year and for new homes the lowest since November 1982, which should help stabilize falling house prices.”
All of these signs are good for the housing market. Consumers as well as REALTORS need to be on the lookout for more good news in the coming months.
To learn more contact a Tulsa Homes Expert by calling RE/MAX for more information at 877-738-8572.
