WASHINGTON (MarketWatch) -- Adjustable mortgage rates are at records lows,
and fixed mortgage rates remained relatively low, Freddie Mac said Thursday. The
average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell
to a record low of 2.90% in the week ended Dec. 1 - the data go back to 2005 -
from 2.91% in the prior week, the previous record low. A year ago the rate was
at 3.49%, according to the buyer of residential mortgages. "The extraordinarily
low mortgage rates of the past month may provide a needed spur to housing
activity," said Frank Nothaft, Freddie Mac's chief economist, in a statement. To
obtain the latest rate, payment of an average 0.6 point was required. A point is
1% of the mortgage amount, charged in prepaid interest. The 1-year
Treasury-indexed ARM also decreased to a record low, reaching 2.78% in the
latest week, down from 2.79%, the prior record low. These data go back to 1984.
Meanwhile the average rate on the 30-year fixed-rate mortgage increased to 4.00%
from 3.98%, and the average rate on the 15-year fixed-rate mortgage remained at
3.30%.
Buying or selling a home is a major decision in your life and that is why it is important to work with a PROFESSIONAL. I work with buyers and sellers and offers top quality service. Helping clients sell their home or helping them find the home of their dreams is my TOP PRIORITY! Using my connections and expertise, I will make sure your transaction is handled as stress-free as possible, and I will keep you informed of your escrow status on a daily basis.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment