Freddie Mac released the results of its Mortgage Survey in which the 30-year rate averaged 5.10 percent for the week ending January 29, 2009, down from last week when it averaged 5.12 percent. Last year at this time, the 30-year averaged 5.68 percent.
The 15-year mortgage this week averaged 4.80 percent, unchanged last week when it averaged 4.80 percent. A year ago at this time, the 15-year averaged 5.17 percent.
“Mortgage rates held steady this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The index of leading indicators rose 0.3 percent in December, the first increase in 6 months, fueled by an expansion in the money supply. However, the Federal Reserve acknowledged in its January 28th policy committee statement that since December the economy has weakened further.”
Freddie Mac also went on to point out in the news release that housing affordability reaching its highest level since 1973, as measured by the NAR’s monthly affordability index and help to explain the 7.0 percent increase in existing home sales in December.
Stumble It!
Stumble It!
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.