Mortgage Rates In Freddie Mac Survey Slip For First Time In Three Weeks

February 8, 2002

Signs Still Point To Another Banner Year For Housing

McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.88 percent, with an average 0.7 point, for the week ending February 8, 2002, down from 7.02 percent last week. Last year at this time, the 30-year FRM averaged 6.98 percent.

The average for the 15-year FRM this week is 6.36 percent, with an average 0.7 point, falling from last week's average of 6.51 percent. A year ago, the 15-year FRM averaged 6.60 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 5.04 percent this week, with an average 0.7 point, down from last week's average of 5.12 percent. This time last year, the one-year ARM averaged 6.45 percent.

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

"As the economy continues to show signs that the recession is ending, the housing market continues to expand, thanks in large part to current low mortgage rates," said Frank Nothaft, Freddie Mac chief economist. "And as long as inflation is not an issue in the economy, lending rates should remain around 7 percent.

"Additionally, an unexpected the decline in jobless claims is another sign the recovery is underway. Indications are leaning heavily towards a healthy economy and low mortgage rates in 2002, which creates an atmosphere that is conducive to an on-going robust housing industry."

The National Mortgage Rate Snapshot
This Week One Week Ago One Year Ago
30-Yr 15-yr 1-Yr ARM
6.88 6.36 5.04
0.7 0.7 0.7
30-Yr 15-Yr 1-Yr ARM
7.02 6.51 5.12
0.7 0.7 0.7
30-Yr 15-Yr 1-Yr ARM
6.98 6.60 6.45
1.0 1.0 0.9

Source: Freddie Mac

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