American Land Title Association
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.

Mortgage Rates Dip To New Record Lows Again This Week

February 21, 2003

Housing Remains A Star In Lackluster Economy

McLean, VA - In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.84 percent, with an average 0.6 point, for the week ending February 21, 2003, down slightly from 5.86 percent last week, but setting yet another record low. Last year at this time, the 30-year FRM averaged 6.81 percent.

The average for the 15-year FRM this week is 5.21 percent, with an average 0.6 point, down from last week's average of 5.26 percent, also the lowest ever recorded since Freddie Mac started tracking it in 1991. A year ago, the 15-year FRM averaged 6.28 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.81 percent this week, with an average 0.7 point, down from 3.89 percent last week. This was the lowest the 1-year ARM has been since Freddie Mac began monitoring it in 1984. At the same time last year, the one-year ARM averaged 4.96 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Despite forecasts to the contrary, January housing starts marked a 16-year high according to the Commerce Department," said Frank Nothaft, Freddie Mac chief economist. "Current record breaking low mortgage rates are keeping demand for housing strong, even as the overall economy stumbles sluggishly into the first part of the new year.

"Meanwhile, the Mortgage Bankers Association reports that mortgage application levels are nearly unchanged from the previous week, indicating that housing will continue to prop up the economy for a while longer."

The National Mortgage Rate Snapshot
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1-Yr
5.84 5.21 3.81
0.6 0.6 0.7
30-Yr 15-Yr 1-Yr
30-Yr 15-Yr 1-Yr
6.81 6.28 4.96
0.7 0.7 0.7

Source: Freddie Mae

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 © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment