Article on Mortgage rates from CNN Money - thought it may be interesting for some of you!
30-year mortgage rate dives
Fixed-rate mortgages see largest decline since January,
ending two consecutive weeks of gains.
October 31, 2002: 12:54 PM EST
NEW YORK (CNN/Money) - Mortgage rates ended two
consecutive weeks of gains in dramatic fashion as the
30-year fixed-rate mortgage saw its largest decline in
nine months.
Freddie Mac reported Thursday that the 30-year loan
averaged 6.13 percent for the week ended Nov. 1, with an
average 0.6 of a point payable up front to the lender. The
rate tumbled from an average 6.31 percent last week and
remained below its 6.56 percent average a year ago.
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The 15-year fixed-rate mortgage averaged 5.51 percent,
down from 5.70 percent last week and down from 6.04
percent last year. The 15-year mortgage averaged 0.6 of a
point payable up front to the lender.
One-year adjustable-rate mortgages (ARMs), loosely indexed
to the 10-year Treasury note, averaged 4.25 percent with an
average 0.6 of a point due up front, below last week's 4.30
percent average. A year ago, the one-year ARM averaged
5.26 percent.
'As a reflection
primarily of low
rates, new and
existing home sales
for September were
stronger than had
been expected,' said Frank Nothaft, Freddie Mac's chief
economist. 'With mortgage rates falling this week from
already affordable levels, interest in homebuying will remain
strong coming into and through the holiday season.'
'Presently, all eyes are focused on next week's meeting of the
FOMC [Federal Open Market Committee]. What the Fed
decides and what it says at that time will surely have an
impact on the future direction of mortgage rates,' Nothaft
added.
Fixed-rate mortgages see largest decline since January,
ending two consecutive weeks of gains.
October 31, 2002: 12:54 PM EST
NEW YORK (CNN/Money) - Mortgage rates ended two
consecutive weeks of gains in dramatic fashion as the
30-year fixed-rate mortgage saw its largest decline in
nine months.
Freddie Mac reported Thursday that the 30-year loan
averaged 6.13 percent for the week ended Nov. 1, with an
average 0.6 of a point payable up front to the lender. The
rate tumbled from an average 6.31 percent last week and
remained below its 6.56 percent average a year ago.
Click here to compare real estate agents
The 15-year fixed-rate mortgage averaged 5.51 percent,
down from 5.70 percent last week and down from 6.04
percent last year. The 15-year mortgage averaged 0.6 of a
point payable up front to the lender.
One-year adjustable-rate mortgages (ARMs), loosely indexed
to the 10-year Treasury note, averaged 4.25 percent with an
average 0.6 of a point due up front, below last week's 4.30
percent average. A year ago, the one-year ARM averaged
5.26 percent.
'As a reflection
primarily of low
rates, new and
existing home sales
for September were
stronger than had
been expected,' said Frank Nothaft, Freddie Mac's chief
economist. 'With mortgage rates falling this week from
already affordable levels, interest in homebuying will remain
strong coming into and through the holiday season.'
'Presently, all eyes are focused on next week's meeting of the
FOMC [Federal Open Market Committee]. What the Fed
decides and what it says at that time will surely have an
impact on the future direction of mortgage rates,' Nothaft
added.
