Thirty-year mortgage interest rates fell below 5 percent for the third week this year, according to a Freddie Mac survey released yesterday. For the week that ended Feb. 11, the 30-year fixed-rate mortgage had an average 4.97 percent rate, down from 5.01 percent for the week earlier and from 5.16 percent for the same week last year. The 15-year fixed-rate mortgage was down to 4.34 percent from 4.40 percent during the week-ago period and 4.81 percent in the year-ago period. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.19 percent, down from 4.27 percent last week, while their one-year counterparts were up to 4.33 percent from 4.22 percent one week ago. The drop in interest rates on fixed-rate mortgages "helps a number of homeowners to refinance their existing housing debt," said Frank Nothaft, vice president and chief economist at Freddie Mac, noting that the latest survey from the Mortgage Bankers Association found that more than two-thirds of mortgage applications have been for refinancing since the start of 2010. "In mid-June of last year, for example, 30-year fixed-mortgage rates topped nearly 5.6 percent. Currently, the monthly payments would be almost $77 per month lower on a $200,000 loan balance."
Existing home sales rise nationwide
Existing home sales rose in 48 states and the District of Columbia during the fourth quarter of 2009, according to a National Association of Realtors survey released today, with 32 states seeing increases in the double digits from the third quarter. Forty-nine states and D.C. saw sales rise year-over-year from their levels in the fourth quarter of 2009. Nationwide, total sales rose to a seasonally adjusted rate of 6.03 million single-family and condo units, thirty-two percent of which were distressed property units. The median single-family price was $172,900, a 4.1 percent drop from the fourth quarter of 2008. The nationwide number represents a 13.9 percent increase from the third-quarter 2009 figure of 5.29 million and a 27.2 percent rise from the 4.74 million sales registered for the year-ago period. "The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates," said Lawrence Yun, NAR's chief economist, in a statement.
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