Freddie Mac: Average rates decline for second straight week
Monday, February 22, 2010 11:36 PM
Consumers looking to refinance their mortgages in order to consolidate debt may not find a better time than now, as the latest Primary Mortgage Market Survey from Freddie Mac saw declines in all mortgage types during the weekending February 18.The average rate for 30-year fixed-rate mortgages matched its decline from the week prior, shedding 0.04 percentage points to remain under 5 percent at 4.93 percent. One year earlier, the rate was north of the 5 percent threshold at 5.04 percent.
The average rate for 15-year FRMs fell as well, edging down 0.01 percentage points to 4.33 percent. A year ago at this time, the rate had averaged 4.68 percent.
"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. "The National Association of Realtors reported that existing home sales rose in 48 states and the District of Columbia between the third and fourth quarters of 2009; 32 states experienced double-digit growth."
The average rate for the 1-year adjustable rate mortgage saw the biggest decline of the week, shedding 0.11 percentage points to hit 4.23. Five-year ARMs also saw their average rate drop by 0.07 percentage points during the week to hit 4.12 percent.
Recent News Articles
- Mortgage applications survey finds that fewer consumers willing to incur housing-related debt
- Government moves to broaden options for legitimate debt resolution options, stop scammers
- Revolving consumer credit falls, but overall numbers are up
- Report: Consumer attempts to reduce debt could be hampering economic recovery
- Report: Treasury Secretary warns world leaders that U.S. consumers look to reduce debt
Debt News Categories
About Debtmerica
Debtmerica is a leading debt settlement company that offers assistance to individuals and families who are experiencing financial difficulties and hardship.
We specialize in negotiated debt settlement to assist clients by reducing debt balances while providing an affordable monthly payment.
Our professional and knowledgeable staff has helped thousands of consumers get back on their feet financially.
Achievements
|
Debtmerica has had one vision since inception - to help Americans nationwide attain financial independence. At Debtmerica, we're proud of our achievements and honors. They represent our commitment to our vision and clients. |
|
|
|
|
A Secure & Trusted Site
|
Debtmerica is committed to providing a safe and secure site that you can trust. |
 |
|
 |