Fixed-Rate Mortgage Rates Barely Budge From Low Level
May 10, 2002
McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.79 percent, with an average 0.7 point, for the week ending May 10, 2002, barely changed from 6.78 percent last week. Last year at this time, the 30-year FRM averaged 7.10 percent.
The average for the 15-year FRM this week is 6.27 percent, with an average 0.7 point, rising very slightly from last week's average of 6.26 percent. A year ago, the 15-year FRM averaged 6.61 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.80 percent this week, with an average 0.7 point, up from last week's average of 4.75 percent. This time last year, the one-year ARM averaged 5.90 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"With productivity up, and inflationary pressures muted, the Federal Reserve Board elected this week to not change a key short-term interest rate," said Frank Nothaft, Freddie Mac's chief economist. "Moreover, most other economic data releases such as unemployment and manufacturing, painted a slightly negative picture for future economic growth. These factors combined to keep mortgage rates stable."
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Source: Freddie Mac
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