Friday, February 12, 2010

30-year mortgage rates fall below 5 percent

LOS ANGELES — Average rates for traditional 30-year fixed-rate mortgages have fallen below 5 percent again, Freddie Mac said Thursday.
The giant mortgage buyer's weekly survey, conducted Monday through Wednesday, pegs the average rate nationally at 4.97 percent, with 0.7 percent of the loan balance on average paid in upfront charges, or points.

Last week, 30-year rates averaged 5.01 percent. That continues a trend this year in which the average has come in either just above or just below 5 percent.

The 15-year fixed-rate home loan this week averaged 4.34 percent (with 0.6 percent of the loan amount in upfront fees), down from 4.4 percent last week. A year ago, the 15-year loan averaged 4.81 percent.

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