According to RealtyTimes the latest Freddie Mac survey shows that 30-year fixed-rate mortgages (FRM) averaged 5.06% for the week ending January 14, 2010. This is slightly lower than the previous week's 5.09%. During the same week last year, the 30-year FRM averaged 4.96 percent.
The 5-year adjustable-rate mortgage (ARM) averaged 4.32 percent this week, down from last week when it averaged 4.44 percent. A year ago, the 5-year ARM averaged 5.25 percent.
Frank Nothaft, Freddie Mac vice president and chief economist says, "With fixed mortgage rates staying near a record low, many homeowners are taking the opportunity to refinance. For instance, over the past three-and-a-half months, on average more than 75 percent of conventional mortgage applications were for refinance transactions, according to the Mortgage Bankers Association."
He adds, "The Federal Reserve recently reported positive news in both the housing market and the overall state of the economy in its January 13th regional economic report, which spanned the last few months of 2009. Economic activity improved in 10 of its 12 districts. Home sales, especially for lower-priced homes, increased due in part to the homebuyer tax credit and house prices appeared to have changed little since its last report."
Are you thinking about buying now with the current interest rate?
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