Freddie Mac: Mortgage interest rates fall below 5 percent for third week this year

New York /
Feb.February 12, 2010 08:52 AM

Thirty-year mortgage interest rates fell below 5 percent for the third week this year, according to a Freddie Mac survey released yesterday. For the week that ended Feb. 11, the 30-year fixed-rate mortgage had an average 4.97 percent rate, down from 5.01 percent for the week earlier and from 5.16 percent for the same week last year. The 15-year fixed-rate mortgage was down to 4.34 percent from 4.40 percent during the week-ago period and 4.81 percent in the year-ago period. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.19 percent, down from 4.27 percent last week, while their one-year counterparts were up to 4.33 percent from 4.22 percent one week ago. The drop in interest rates on fixed-rate mortgages “helps a number of homeowners to refinance their existing housing debt,” said Frank Nothaft, vice president and chief economist at Freddie Mac, noting that the latest survey from the Mortgage Bankers Association found that more than two-thirds of mortgage applications have been for refinancing since the start of 2010. “In mid-June of last year, for example, 30-year fixed-mortgage rates topped nearly 5.6 percent. Currently, the monthly payments would be almost $77 per month lower on a $200,000 loan balance.” TRD


Related Articles

arrow_forward_ios
Refinances made up 60 percent of all applications, up slightly from 59.2 percent the previous week. (iStock)
Mortgage rates dip, triggering surge in loan requests
Mortgage rates dip, triggering surge in loan requests
Freddie Mac’s economists said the slowdown will be caused by a hike in mortgage rates and limits on housing supply. (iStock)
Fannie, Freddie say housing market could see slight hiccup
Fannie, Freddie say housing market could see slight hiccup
New Fannie Mae and Freddie Mac restrictions mean higher mortgage rates for some. (Unsplash)
Mortgage rates on second homes rise as Fannie, Freddie pull back
Mortgage rates on second homes rise as Fannie, Freddie pull back
Meridian Capital Group CEO Ralph Herzka, Former Freddie Mac CEO David Brickman and  Barings CEO Mike Freno (Herza by Studio Scrivo; Brickman by Freddie Mac; Freno via Barings)
Ex-Freddie Mac boss looks to become top agency-backed CRE lender
Ex-Freddie Mac boss looks to become top agency-backed CRE lender
Former Freddie Mac CEO David Brickman and Meridian Capital Group CEO Ralph Herzka (Freddie Mac; Herza by Studio Scrivo)
Ex-Freddie Mac CEO launching lending platform with Meridian, Barings
Ex-Freddie Mac CEO launching lending platform with Meridian, Barings
Treasury Secretary Steven Mnuchin with Donald Trump. (Getty)
Treasury quits bid to privatize Fannie Mae, Freddie Mac
Treasury quits bid to privatize Fannie Mae, Freddie Mac
FHFA director Mark Calabria (Getty; iStock)
Federal housing agency extends forbearance options for multifamily landlords
Federal housing agency extends forbearance options for multifamily landlords
Future of Fannie, Freddie privatization is uncertain
Future of Fannie, Freddie privatization is uncertain
Future of Fannie, Freddie privatization is uncertain
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...