Mortgage rates mostly lower
NEW YORK (CNN/Money) - Longer-term mortgage rates ticked slightly lower this week ahead of key economic data, Freddie Mac said Thursday.
The average rate on 30-year fixed-rate mortgages eased to 5.66 percent this week, with an average 0.6 of a point payable up front, down from 5.67 percent last week. A year earlier, the rate on the 30-year fixed-rate loan stood at 5.68 percent.
The average 15-year mortgage rate pulled back to 5.14 percent, with a 0.6 percent payable up front, from last week's 5.15 percent. The rate averaged 4.97 percent a year ago.
"Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm," said Frank Nothaft, Freddie Mac vice president and chief economist. "And it should get that read when fourth-quarter Gross Domestic Product (GDP) is released tomorrow."
"Further, the Fed will release its policy statement next week, giving financial markets a better sense of what future actions the Fed may be contemplating. All of this will help determine where mortgage rates will be in the near future."
Elsewhere, five-year adjustable-rate mortgages (ARMs) averaged 5.02 percent, with an average 0.6 point, versus 5.05 percent last week. No data is available for a year-earlier comparison.
One-year ARMs advanced to a 4.18 percent average from 4.11 percent last week. The loans call for 0.8 of a point up front. At this time last year, the one-year ARM rate averaged 3.59 percent.
Freddie Mac's (up $0.43 to $66.08, Research) average mortgage rates are based on a survey of 125 lenders nationwide.
The average rate on 30-year fixed-rate mortgages eased to 5.66 percent this week, with an average 0.6 of a point payable up front, down from 5.67 percent last week. A year earlier, the rate on the 30-year fixed-rate loan stood at 5.68 percent.
The average 15-year mortgage rate pulled back to 5.14 percent, with a 0.6 percent payable up front, from last week's 5.15 percent. The rate averaged 4.97 percent a year ago.
"Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm," said Frank Nothaft, Freddie Mac vice president and chief economist. "And it should get that read when fourth-quarter Gross Domestic Product (GDP) is released tomorrow."
"Further, the Fed will release its policy statement next week, giving financial markets a better sense of what future actions the Fed may be contemplating. All of this will help determine where mortgage rates will be in the near future."
Elsewhere, five-year adjustable-rate mortgages (ARMs) averaged 5.02 percent, with an average 0.6 point, versus 5.05 percent last week. No data is available for a year-earlier comparison.
One-year ARMs advanced to a 4.18 percent average from 4.11 percent last week. The loans call for 0.8 of a point up front. At this time last year, the one-year ARM rate averaged 3.59 percent.
Freddie Mac's (up $0.43 to $66.08, Research) average mortgage rates are based on a survey of 125 lenders nationwide.
posted by The Kid at 2:24 PM
<< Home