My Real Estate Blog

The 30-year fixed-rate mortgage averaged 4.44% with an average 0.7 point for the week ending August 12, 2010, down from last week when it averaged 4.49%. Last year at this time, the 30-year averaged 5.29%.  

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56% this week, with an average 0.7 point, down from last week when it averaged 3.63%. A year ago, the 5-year ARM averaged 4.75%.

Interest rates for fixed mortgages and 5-year hybrid ARMs again broke record lows this week following reports of a sluggish job market. Private payrolls increased by 71,000 jobs in July, below the market consensus forecast, and revisions shaved June's growth by 34,000 workers. The Federal Reserve also noted in its August 10th policy statement that the pace of recovery in output and employment slowed since its last meeting in June.

The National Association of Realtors® reported that 65% of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60% of areas in the first quarter and only 44% in the fourth quarter of 2009.