My Real Estate Blog

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

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.69% this week, with an average 0.7 point, down from last week when it averaged 3.70%. A year ago, the 5-year averaged 4.27%.

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% annualized rate, compared to 2.6% in the third quarter, and was led by a 4.4% gain in consumer spending. In addition, the core price index for consumer expenditures rose by an annualized rate of 0.4%, 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.