My Real Estate Blog

October 8th, 2010 7:24 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey showing that the 30-year fixed-rate mortgage rate dropped yet again to break the survey's all-time low; the 15-year fixed-rate did the same. The 5-year ARM also set an all-time survey low.

30-year fixed-rate mortgage averaged 4.27% with an average 0.8 point for the week ending October 7, 2010, down from last week when it averaged 4.32%. Last year at this time, the 30-year FRM averaged 4.87%.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.47% this week, with an average 0.6 point, down from last week when it averaged 3.52%t. A year ago, the 5-year ARM averaged 4.35%.

Housing affordability increased for the second month in a row in August to tie April's level, according to the National Association of Realtors. As a result, pending existing home sales also rose for the second consecutive month in August to the strongest pace in four months, NAR reported. Since the end of August, mortgage applications for home purchases were up over 14%.

Posted by Jim McCowan on October 8th, 2010 7:24 AMPost a Comment (0)
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