By Candace Brown
This is an article I read that deals with interest rates falling for the housing market. Even though interest rates are falling, it is still hard for consumers to refinance their home with the new interest rates.
STEVE KERCH
The benchmark 30-year home mortgage fell below 5% for the first time ever in Freddie Mac's weekly rate survey, as economic weakness continued to push interest rates lower.
The national average rate on the 30-year loan fell to 4.96% in the week ended Jan. 15, from 5.01% a week ago. It was the 11th consecutive weekly decline and the lowest rate on record. The mortgage agency began its rate survey in 1971. A year ago the loan averaged 5.69%.
Adjustable-rate loans also fell. The five-year, Treasury-indexed hybrid mortgage averaged 5.25%, down from 5.49% a week ago and 5.40% a year earlier. It hasn't been this low since September 2005. The one-year, Treasury-indexed ARM averaged 4.89%, down from 4.95%. A year ago that loan was at 5.26%.
The 15-year fixed-rate mortgage, a popular refinancing choice, edged up to 4.65% from 4.62% a week ago. Last year at this time the loan averaged 5.21%. Refinancing activity has been strong as mortgage rates have plumbed historic lows.
Click here to read more
No comments:
Post a Comment