The nation’s average 30-year fixed-rate mortgage rate dipped back below 4% on weaker housing economic indicators.
The Freddie Mac survey showed the 30-year, FRM averaged 3.99% for the week ending Thursday, down from the prior week’s average of 4.08%. Last year at this time, the 30-year FRM averaged 4.86%.
The decline in rates doesn’t do much to bolster Freddie Mac Chief Economist Frank Nothaft’s prediction on Wednesday. He said he expects the 30-year FRM to increase to 4.5% throughout the year, citing various economic indicators such as housing starts and new home sales.
The 15-year, fixed-rate home loan, a popular refinancing choice, averaged 3.23%, down from last week when it averaged 3.30%. A year ago, the average rate for a 15-year FRM was 4.09%.
Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.90%, down from 2.96% the prior week and down from 3.62% a year earlier.
And one-year, Treasury-indexed ARMs averaged 2.78%, growing from last week when it averaged 2.84% and down from 3.26% last year.
After saying Wednesday that the housing market is beginning to shake off the Depression-like shackles that have plagued it for years, Nothaft referenced weaker housing economic indicators in explaining the rate slide.
“The S&P/Case Shiller 20-City composite home price index slid in January to its lowest reading since December 2002,” Nothaft said. “In addition, new home sales declined 0.5% in February, below the market consensus of an increase, and pending existing home sales also declined for the month.”
Home loan analytics firm Bankrate, which surveys large banks, reported the 30-year FRM fell to 4.23% from 4.30%, while the 15-year FRM fell to 3.44% from 3.48%. The 5/1 ARM inched down to 3.14% from 3.15%.
The author of this article is: Justin T. Hilley
See the original post at: http://www.housingwire.com/news/freddie-mac-mortgage-rates-back-below-4
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
