Mortgage rates tie with the record low of 4.78% Perfect for home-buyin’!
Posted by ChicagoismynewBlog! on November 27, 2009
Mortgages Tie Record Low of 4.78%
By AMY HOAK
Rates on 30-year fixed-rate home mortgages averaged 4.78% this week, matching an all-time low in Freddie Mac’s weekly survey of conforming mortgage rates, released Wednesday.
The mortgage averaged 4.83% last week and 5.97% a year ago. This week’s average matched a low set the week ending April 30.
“Interest rates for 30-year fixed-rate loans are currently 0.8 percentage points below this year’s peak set in mid-June, which shaves roughly $100 off the monthly payments on a $200,000 mortgage,” said Frank Nothaft, Freddie Mac chief economist.
Fifteen-year fixed-rate mortgages averaged 4.29% for the week ended Nov. 25, a new low since Freddie Mac began tracking it in 1991. This week’s average is down from 4.32% last week and 5.74% a year ago. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.18% this week, down from 4.25% last week and 5.86% a year ago. The ARM hasn’t been this low since Freddie Mac started tracking it in 2005.
And the one-year Treasury-indexed ARM averaged 4.35%, unchanged from last week. The ARM averaged 5.18% a year ago. It hasn’t been lower since the week ending July 7, 2005, when it averaged 4.33%…