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 January 21, 2009

Mortgage Rates Continue to Drop
Freddie Mac reported on January 19 that the average rate on a 30 yr. fixed fell to 4.96% this week. This is down from a previous record of 5.01% which was established just last week. Rates have fallen for the past 11 weeks.
For the 5th straight week now, rates on 30-yr. fixed mortgages have set a record by now falling under the 5% mark. This is the lowest percentage rate since Freddie Mac began tracking rates in 1971.

The rates on 15-yr. fixed-rate mortgages increased from 4.62% up to 4.65%. This marks the lowest percentage amount for this mortgage since June of 2003. 5-yr. Adjustable-rate mortgages (ARMs) dropped to a rate of 5.25%, marking the lowest point for this type of mortgage since September 8, 2005. 1-yr. ARMs dropped to 4.89%, down from 4.96% the previous week.

All rates listed do not include points (add-on fees). Nationwide, the fee for a 30-yr. fixed-rate mortgage averaged at 0.7 point this past week. 5 yr. ARMs averaged out at 0.6 point, and 1 yr. ARMs averaged at 0.5 point.