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Thursday, November 05, 2009
Rates On 30-year Fixed-rate Mortgages Below 5%
By Amy Hoak
MarketWatch Pulse
CHICAGO -- Rates on 30-year fixed-rate mortgages averaged 4.98% for the week ending Nov. 5, down from a 5.03% average last week and 6.20% a year ago, according to Freddie Mac's [S:FRE] weekly survey of conforming mortgage rates, released on Thursday. The 15-year fixed-rate mortgage averaged 4.40%, down from 4.46% last week. Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.35%, down from 4.42% last week; rates on 1-year Treasury-indexed ARMs averaged 4.47%, down from 4.57%. "Lower mortgage rates should help homeowners lower their monthly payments and feed the ongoing recovery in the housing market," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
Copyright © 2009 MarketWatch, Inc.
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