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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.GSEs: Long Term Rates Again Below 5 Percent
Mortgage
rates reversed course yet again during the week ended March 4 with the 30-year
fixed-rate mortgage (FRM) once more falling below 5 percent. According to
Freddie Mac's Primary Mortgage Market Survey, the 30-year FRM averaged 4.97
percent with an average of 0.7 point compared to an average rate of 5.05 percent
with 0.7 point the previous week.
The
15-year FRM averaged 4.33 percent, down from 4.40 percent the week before. Fees and points remain unchanged at 0.7
point.
The
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had an average
rate of 4.11 percent, down from 4.16 percent during the week ended February
25. Fees and points also declined from
0.6 point to 0.5 point.
The
one-year Treasury-indexed ARM was the lone exception to the downward
trend. The average rate for that product
was 4.17 percent with 0.6 point. A week
earlier the rate was 4.15 percent also with 0.6 point.
"30-year fixed mortgages fell below 5 percent to match levels seen two
weeks ago and are helping to maintain affordable home-purchase
conditions," said Frank Nothaft, Freddie Mac vice president and chief
economist. "In fact, monthly principal and interest mortgage payments for
a typical family buying a median-priced home of $163,800 were just $709 in
January, the lowest amount since February 1998, according to the National
Association of Realtors®. For first-time
homebuyers, the fourth quarter of 2009 was the third most affordable quarter
since 1981 behind the first and second quarter of 2009.
"The federal tax credit for homebuyers, which expires on April 30th, may
make housing even more affordable for some families already in the middle of
the home buying process. In fact, the Federal Reserve's March 3rd regional
economic review noted that several districts attributed stronger home sales to
the homebuyer tax credit."
Fannie
Mae reported that its weekly yields had experienced a similar decline. The
conventional 30-year FRM had an average yield of 4.70 percent during the week
ended February 26 compared to 4.82 percent a week earlier. The 15-year FRM dropped to 3.98 percent from
4.11 percent and FHA/VA guaranteed loans averaged 5.40 percent compared to 5.49
percent the previous week. The one-year
ARM slipped slightly to 2.44 percent from 2.46 percent.
All
Fannie Mae yields are quoted on a net basis.
Servicing fees are not included.
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This email was sent to you by:
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Mortgage News Daily
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Anonymous Anonymous |
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YOUR MESSAGE HERE
GSEs: Long Term Rates Again Below 5 Percent
Mortgage
rates reversed course yet again during the week ended March 4 with the 30-year
fixed-rate mortgage (FRM) once more falling below 5 percent. According to
Freddie Mac's Primary Mortgage Market Survey, the 30-year FRM averaged 4.97
percent with an average of 0.7 point compared to an average rate of 5.05 percent
with 0.7 point the previous week.
The
15-year FRM averaged 4.33 percent, down from 4.40 percent the week before. Fees and points remain unchanged at 0.7
point.
The
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had an average
rate of 4.11 percent, down from 4.16 percent during the week ended February
25. Fees and points also declined from
0.6 point to 0.5 point.
The
one-year Treasury-indexed ARM was the lone exception to the downward
trend. The average rate for that product
was 4.17 percent with 0.6 point. A week
earlier the rate was 4.15 percent also with 0.6 point.
"30-year fixed mortgages fell below 5 percent to match levels seen two
weeks ago and are helping to maintain affordable home-purchase
conditions," said Frank Nothaft, Freddie Mac vice president and chief
economist. "In fact, monthly principal and interest mortgage payments for
a typical family buying a median-priced home of $163,800 were just $709 in
January, the lowest amount since February 1998, according to the National
Association of Realtors®. For first-time
homebuyers, the fourth quarter of 2009 was the third most affordable quarter
since 1981 behind the first and second quarter of 2009.
"The federal tax credit for homebuyers, which expires on April 30th, may
make housing even more affordable for some families already in the middle of
the home buying process. In fact, the Federal Reserve's March 3rd regional
economic review noted that several districts attributed stronger home sales to
the homebuyer tax credit."
Fannie
Mae reported that its weekly yields had experienced a similar decline. The
conventional 30-year FRM had an average yield of 4.70 percent during the week
ended February 26 compared to 4.82 percent a week earlier. The 15-year FRM dropped to 3.98 percent from
4.11 percent and FHA/VA guaranteed loans averaged 5.40 percent compared to 5.49
percent the previous week. The one-year
ARM slipped slightly to 2.44 percent from 2.46 percent.
All
Fannie Mae yields are quoted on a net basis.
Servicing fees are not included.
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