MORTGAGE RATES SLIGHTLY UP

Freddie Mac reported yesterday that rates on 30-year fixed mortgages rose slightly. The average rate on a 30-year fixed was 5.01% this week, up from 4.98% last week. At this time last year the average rate for a 30-year fixed was 5.25%.


Mortgage rates fell to a record low of 4.71% early in December, 2009. A Federal Reserve program held the rates at around 5% in order to pump $1.25 trillion into mortgage-back securities to make home buying more affordable by keeping the rates low. This program is scheduled to sunset on March 31st.

Freddie Mac collects mortgage rates from lenders around the country during Monday through Wednesday of each week. However, even within a given day, rates can often fluctuate greatly.

The average rate for a 15 year fixed mortgage rose slightly to 4.40% from 4.39% last week.

Rates on five-year, adjustable-rate mortgages averaged 4.27%, up from 4.25% a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.22% from 4.29%.

It is important to remember that these rates do not include any add-on fee commonly known as “points.” A point is 1% of the loan amount. The nationwide fee for loans in a survey conducted by Freddie Mac averaged 0.7 points for a 30-year and 15-year mortgages. It averages 0.6 points for five-year loans and 0.5 for one-year loans.

(Source – Associated Press)

I have been practicing real estate in the greater Hayward area for over 10 years.  If you have questions about buying or selling property in Northwestern Wisconsin, would like me to recommend some loan officers to you, or just have some general questions about the area please contact me:  Tom@AreaNorthRealty.com
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