American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Low rates poised to fuel year-end home sales

October 28, 2004

30-year fixed falls to an average 5.64% this week

Inman News

Mortgage rates declined for the second consecutive week, boosting the outlook for new- and existing-home sales, according to Freddie Mac weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.64 percent for the week ended today, down from last week when it averaged 5.69 percent. The average for the 15-year fixed-rate mortgage this week is 5.01 percent, also down from last week when it averaged 5.07 percent. Points on both the 30- and 15-year averaged 0.7.

One-year Treasury-indexed adjustable-rate mortgages averaged 3.96 percent this week, with an average 0.8 point, down from last week when they averaged 4.02 percent.

"Home sales are very sensitive to mortgage rates," said Frank Nothaft, Freddie Mac chief economist. "Low mortgage rates drove the uptick in sales during September. And with mortgage rates at their lowest level in six months, home sales should continue strong through the autumn months.

"Our latest forecast expects a brisk housing industry through year-end. Single-family building is likely to remain strong this quarter, as evidenced by the pace of recent new-home sales. Overall, the economy remains supportive of both new and existing homes."

The following is a sampling of Bankrate's average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York – 5.68 percent with 0.1 point

Los Angeles – 5.72 percent with 0.47 point

Chicago – 5.7 percent with 0.05 point

San Francisco – 5.71 percent with 0.3 point

Philadelphia – 5.57 percent with 0.31 point

Detroit – 5.59 percent with 0.25 point

Boston – 5.76 percent with no points

Houston – 5.63 percent with 0.68 point

Dallas – 5.67 percent with 0.43 point

Washington, D.C. – 5.53 percent with 0.55 point

Copyright 2004 Inman News

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment