30 Year Mortgage Rate Falls Again; Lowest In Five Weeks
The 30-year fixed-rate mortgage averaged 4.91 percent for the week ending November 12, 2009, down from last week when it averaged 4.98 percent, according to Freddie Mac.
The 30-Year has been below 5 percent for five of the last seven weeks. Last year at this time, the 30-year FRM averaged 6.14 percent.
The 15-year this week averaged 4.36 percent , down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year averaged 5.81 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.29 percent this week, down from last week when it averaged 4.35 percent. A year ago, the 5-year ARM averaged 5.98 percent.
The one-year Treasury-indexed ARM averaged 4.46 percent this week down from last week when it averaged 4.47 percent. At this time last year, the 1-year ARM averaged 5.33 percent.
“Mortgage rates eased further over the week, helping to promote an affordable home-purchase market and stimulate refinance,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This comes at a time when house price declines are moderating and consumer demand for prime mortgages at commercial banks has picked up."
“The National Association of Realtors® reported that national median sales price of existing homes fell 11.2 percent in the third quarter relative to the same period last year,. Moreover, almost 20 percent of the top metropolitan areas experienced positive annual growth, compared to only about 12 percent in the first quarter of this year.”