Tuesday, March 30, 2010

Rates stay down

Mortgage rates inched up a bit this week, but remain near historic lows, according to mortgage financier Freddie Mac.

The popular 30-year fixed averaged 4.99 percent during the week ending March 25, up from 4.96 percent last week and 4.85 percent a year ago.

The less popular 15-year fixed climbed a single basis point to 4.34 percent, but is still below the 4.58 percent average seen a year earlier.

“Mortgage rates inched up slightly this week as bond yields rose even further,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. (Why mortgage rates move)

“Interest rates on 30-year fixed mortgages, however, were still below 5 percent for the fourth consecutive week.

Adjustable-rate mortgages displayed similar movement, with the five-year ARM rising to 4.14 percent from 4.09 percent and the one-year climbing to 4.20 percent from 4.12 percent.

A year ago, the five-year averaged 4.96 percent and the one-year stood at 4.85 percent.

The mortgage rates above are good for conforming loans at 80 percent loan to value; pricing adjustments for things such as credit score may raise or lower your actual rate.

Jumbo loans continue to price a percentage point or so 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