The Latest on Mortgage Rates
Posted on 11. Feb, 2010 by toniarney in Blog
Mortgage Rates: February 11, 2010
Rate: 5.15 percent (30-year fixed) Average Points: 0.44
Mortgage rates did not budge this week.
The average 30-year fixed-rate mortgage stood at 5.15 percent for the second straight week, and third week in the past four. A basis point is one-hundredth of a percentage point.
Meanwhile, this week’s average 15-year fixed-rate — a popular option for refinancing — dropped 3 basis points, to 4.52 percent.
The average jumbo 30-year fixed fell 5 basis points, to 5.95 percent.
Adjustable-rate mortgages split this week. The one-year adjustable-rate mortgage dropped 3 basis points, to 4.89 percent. Meanwhile, the popular 5/1 ARM remained unchanged at 4.56 percent.
Mortgage applications fell a seasonally adjusted 1.2 percent when compared to a week earlier, according to the Mortgage Bankers Association. For the week ending Feb. 5, refinancing activity increased 1.4 percent, while applications for new purchase sank 7 percent.
In other mortgage-related news, some housing markets are showing early signs of a double-dip in price declines, according to the real estate Web site Zillow.com.
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