American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Mortgage Rates Inch Up According To Freddie Mac Weekly Survey, But Still Remain Low And Affordable

February 1, 2002

Homeownership In 2001 Is Spurred By Low Mortgage Rates

McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.02 percent, with an average 0.7 point, for the week ending February 1, 2002, up from 6.96 percent last week. Last year at this time, the 30-year FRM averaged 7.09 percent.

The average for the 15-year FRM this week is 6.51 percent, with an average 0.7 point, rising from last week's average of 6.44 percent. A year ago, the 15-year FRM averaged 6.66 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 5.12 percent this week, with an average 0.7 point, up slightly from last week's average of 5.10 percent. This time last year, the one-year ARM averaged 6.54 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"In 2001, homeownership rose to an all-time record of 67.8 percent of the population, fueled by low mortgage rates," said Frank Nothaft, Freddie Mac chief economist. "Last year, mortgage rates were low and stable, averaging 6.97 percent. And this year, forecasts are for much of the same.

"Because of these continuing low rates and because of mortgage market innovations in the last few years, the robust housing market we experienced last year should continue through this year, adding to the level of homeownership."

The National Mortgage Rate Snapshot
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1 Yr-ARM
1-Yr ARM
1-Yr ARM

Source: Freddie Mac

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment