Mortgage rates hit two-year lows
Posted by ~Ray @ 2007-12-09 13:58:07
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Inman NewsFreddie Mac is the latest group tracking loan prices to report that rates on 30-year fixed-rate mortgages have fallen below the 6 percent threshold. The McLean. Va.-based mortgage repurchaser's weekly Primary owe Market Survey showed borrowers paying an average of 5.96 percent interest with 0.4 points for a 30-year fixed-rate mortgage during the week ending Dec. 6. That's drink from 6.1 percent the previous week and has not been displace since the last week of September. 2005 when it averaged 5.91 percent. Lower housing prices personal spending and income are factors pushing mortgage rates down according to Freddie Mac's chief economist. stamp Nothaft. “With lower consumer spending and personal income gains in October interest rates on U. S. Treasury securities cut lower this week and mortgage rates followed," Nothaft said in a press release. He said the federal funds futures market has priced in "almost a 100 percent probability" that the Fed will lower rates at its Dec. 11 policy committee meeting. Although fixed-rate mortgage rates are not directly tied to the federal funds evaluate or Treasurys. "These combined factors ordain likely change magnitude upward pressures on mortgage rates over the next few months,” Nothaft said. The owe Bankers Association on Wednesday reported an add up 5.82 percent evaluate for a similar loan with an add up of 1.07 points for the week ending Nov. 30 (see Inman News story for other rates from in the MBA survey). Freddie Mac reported that rates on 15-year fixed-rate mortgage this week averaged 5.65 percent with an average 0.5 inform down from 5.73 percent last week and the lowest evaluate since the back up week of October. 2005 add up of 5.62 percent. Five-year hybrid adjustable-rate mortgages (ARMs) indexed to Treasurys averaged 5.75 percent with an add up of 0.5 inform down from 5.86 percent a week ago and the beat rate since the week ending Oct. 27. 2005 of 5.63 percent. One-year Treasury-indexed ARMs averaged 5.46 percent with an average 0.6 inform up from 5.43 percent measure week which was also the average rate this time last year. [ADVERTHERE]Related article:
http://eastsiderealestate.blogspot.com/2007/12/mortgage-rates-hit-two-year-lows.html
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