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By Martin Crutsinger
Associated Press
POSTED: 01:36 p.m. EDT, Oct 09, 2008
WASHINGTON: Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks.
Freddie Mac, the mortgage company, reported today that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. It marked the first decline since rates fell on Sept. 18 to 5.78 percent, a seven-month low.
Financial markets have been turbulent in recent weeks as investors have flocked to the safety of Treasury securities, sending those yields down sharply while rates on other types of corporate bonds have been pushed higher by growing concerns about whether the bonds will be repaid.
Those crosscurrents have been reflected in mortgage rates, which also have been on a roller coaster, hitting a high for the year of 6.63 percent in late July and then dropping below 6 percent in mid-September.
''Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,'' said Frank Nothaft, chief economist for Freddie Mac.
According to the Freddie Mac survey, rates on all types of mortgages were lower this week.
Rates on 15-year fixed-rate mortgages, which are popular with people who are refinancing, dropped to 5.63 percent, compared to 5.78 percent last week.
Rates on five-year adjustable-rate mortgages fell to 5.90 percent from 6.00 percent last week. Rates on one-year adjustable-rate mortgages edged down slightly to 5.15 percent, compared to 5.16 percent last week.
The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year, five-year and one-year mortgages all averaged 0.6 point.
A year ago, the nationwide average rate on 30-year mortgages stood at 6.40 percent, 15-year mortgage rates averaged 6.06 percent, five-year adjustable-rate mortgages were at 6.12 percent, and one-year adjustable-rate mortgages stood at 5.73 percent.
WASHINGTON: Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks.
Freddie Mac, the mortgage company, reported today that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. It marked the first decline since rates fell on Sept. 18 to 5.78 percent, a seven-month low.
Financial markets have been turbulent in recent weeks as investors have flocked to the safety of Treasury securities, sending those yields down sharply while rates on other types of corporate bonds have been pushed higher by growing concerns about whether the bonds will be repaid.
Those crosscurrents have been reflected in mortgage rates, which also have been on a roller coaster, hitting a high for the year of 6.63 percent in late July and then dropping below 6 percent in mid-September.
''Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,'' said Frank Nothaft, chief economist for Freddie Mac.
According to the Freddie Mac survey, rates on all types of mortgages were lower this week.
Rates on 15-year fixed-rate mortgages, which are popular with people who are refinancing, dropped to 5.63 percent, compared to 5.78 percent last week.
Rates on five-year adjustable-rate mortgages fell to 5.90 percent from 6.00 percent last week. Rates on one-year adjustable-rate mortgages edged down slightly to 5.15 percent, compared to 5.16 percent last week.
The mortgage rates do not include add-on fees known as points. The nationwide fee for 30-year, 15-year, five-year and one-year mortgages all averaged 0.6 point.
A year ago, the nationwide average rate on 30-year mortgages stood at 6.40 percent, 15-year mortgage rates averaged 6.06 percent, five-year adjustable-rate mortgages were at 6.12 percent, and one-year adjustable-rate mortgages stood at 5.73 percent.
Comments
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Posted 03:56 PM, 10/09/2008
How can they still be offering ARM at all?
Further - all the govt has to do is convert all ARM to fixed rates and let the people keep paying what they have been. That way the banks still get paid and people keep their houses.
akron, oh
Posted 05:52 PM, 10/09/2008
No kidding Didnt unlimited unchecked credit with the arms get us into this mess????
My dad used to say when you find yourself in a hole quit digging.....
