Mortgage Rates

Mortgage Rates Move Little in Freddie Mac's Weekly Survey

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.72 percent with an average 0.4 point for the week ending February 14, 2008, up from last week when it averaged 5.67 percent. Last year at this time, the 30-year FRM averaged 6.30 percent.
The 15-year FRM this week averaged 5.25 percent with an average 0.4 point, up from last week when it averaged 5.15 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.19 percent this week, with an average 0.4 point, down from last week when it averaged 5.21 percent. A year ago, the 5-year ARM averaged 6.01 percent.
One-year Treasury-indexed ARMs averaged 5.03 percent this week with an average 0.4 point, down from last week when it was 5.03 percent. At this time last year, the 1-year ARM averaged 5.52 percent
"This week was relatively light on the number of economic data releases, which painted a mixed picture regarding the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "On a positive note, labor productivity rose higher than market forecasts in the fourth quarter of 2007 while gains in labor costs slowed. However, pending existing home sales fell for the second month in December, indicating further weakness in home sales for January and February. As a result, mortgage rates were roughly unchanged this week."
"These historically low mortgage rates and declining house prices contributed to the highest housing affordability in December since March 2005, according to the National Association of Realtors®. However, with banks continuing to tighten lending standards, fewer families will likely have an opportunity to take advantage of these factors."

If you're a first time homebuyer this is a great opportunity to enjoy homeownership. If you need to refinance, the rates may be attractive for that as well. If you're an investor, holy cow how cheap can it get to use other peoples money (OPM)! Call me, Beth Brown of Coldwell Banker wants to sell you a home... 239 250-2408

Copyright © 2008 Realty Times.