Mortgage Rates Continue To Ease According To Freddie Mac Weekly Survey
October 11, 2002
New Records Continue To Be Set
McLean, VA – In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.98 percent, with an average 0.6 point, for the week ending October 11, 2002, slipping from 6.01 percent last week. Last year at this time, the 30-year FRM averaged 6.58 percent. This is yet again another record low in Freddie Mac's 31-year history of tracking the 30-year FRM.
The average for the 15-year FRM this week is 5.34 percent, with an average 0.6 point, down from last week's average of 5.40 percent. A year ago, the 15-year FRM averaged 6.06 percent. This continues to be the lowest the 15-year FRM has been since Freddie Mac started following it in 1991.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.23 percent this week, with an average 0.6 point, down from last week's average of 4.29 percent. This time last year, the one-year ARM averaged 5.26 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Although the economy in the final quarter of 2002 looks to be weaker than the third quarter, the housing sector still radiates vitality and vigor. We continue to see new records being set, both in the low cost of mortgages and in the volume of business carried out this year," said Frank Nothaft, Freddie Mac chief economist. "And even though housing may have moderated somewhat in the last few months, current record-breaking low mortgage rates will stimulate demand for homes well into 2003."
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Source: Freddie Mac
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