Long Term Mortgage Rates Fall Even Lower, According To Freddie Mac Weekly Survey
|February 28, 2003|
One-Year ARM Creeps Up As Fees & Points Slip Slightly
McLean, VA - In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.79 percent, with an average 0.6 point, for the week ending February 28, 2003, down slightly from 5.84 percent last week, and setting still another record low. Last yea?r at this time, the 30-year FRM averaged 6.80 percent.
The average for the 15-year FRM this week is 5.14 percent, with an average 0.6 point, down from last week's average of 5.21 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 3.83 percent this week, with an average 0.6 point, up slightly from 3.81 percent last week. At the same time last year, the one-year ARM averaged 4.94 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Debilitating forces, such as looming war clouds in the Mideast, declining consumer confidence and other issues, are making an economic rebound difficult," said Frank Nothaft, Freddie Mac chief economist. "And when the economy is weak, interest rates tend to follow suit.
"Low rates will continue to keep the housing industry busy this year, and indications are that there is a good chance home sales may set yet another record in 2003."
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Source: Freddie Mac