My Real Estate Blog

February 25th, 2011 6:15 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey, which shows a drop in long-term fixed rates this week.

30-year fixed-rate mortgage averaged 4.95% with an average 0.6 point for the week ending February 24, 2011, down from last week when it averaged 5.0%. Last year at this time, the 30-year averaged 5.05%.

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.8% this week, with an average 0.6 point, down from last week when it averaged 3.87%. A year ago, the 5-year ARM averaged 4.16%.

Fixed mortgage rates eased again this holiday week amid mixed inflation data reports. Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1% Nationwide in the fourth quarter of 2010 compared to the same period in 2009.

Low mortgage rates and home prices are sustaining affordability in the housing market. Existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months.

Posted by Jim McCowan on February 25th, 2011 6:15 AMPost a Comment (0)
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