Thursday, February 18, 2010

Rates Drop down again...

Mortgage rates strung together two consecutive weeks of declines and are nearing record low territory again, according to the latest survey from mortgage financier Freddie Mac.

“Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

The hot, hot, hot 30-year fixed averaged 4.93 percent during the week ending February 18, down from 4.97 percent last week and 5.04 percent a year ago.

The 15-year fixed slipped a single basis point to 4.33 percent, and sits firmly below the 4.68 percent seen this time last year.

Adjustable-rate mortgages got in on the fun too, with the five-year ARM slipping to 4.12 percent from 4.19 percent, about a point below the 5.04 seen a year ago.

The one-year ARM fell 10 basis points week-to-week to average 4.23 percent, and is more than a half point below the 4.80 percent average seen last year.

The interest rates above are good for conforming loan amounts at 80 percent loan-to-value; mortgage pricing adjustments may lower or raise your actual contract rate.

Jumbo loans continue to price about a percentage point higher than conforming loans.

Any questions or concerns don’t hesitate to contact me, Gene Neal your Mortgage Expert.

Tel (631) 687-3510 Ext. 101

Fax (631) 687-3513