The popular 30-year fixed continued to yo-yo, this week slipping back below five percent, according to mortgage financier Freddie Mac.
It averaged 4.97 percent during the week ending March 4, down from 5.05 percent last week and 5.15 percent a year ago.
“30-year fixed mortgages fell below 5 percent to match levels seen two weeks ago and are helping to maintain affordable home-purchase conditions,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“In fact, monthly principal and interest mortgage payments for a typical family buying a median-priced home of $163,800 were just $709 in January, the lowest amount since February 1998, according to the National Association of Realtors®. For first-time homebuyers, the fourth quarter of 2009 was the third most affordable quarter since 1981 behind the first and second quarter of 2009.”
Yet home sales are still off from a year ago, and no one seems interested in buying…perhaps because home prices are still too inflated?
The 15-year fixed slipped to 4.33 percent from 4.40 percent, and remains well below the 4.72 percent seen a year ago.
The five-year adjustable-rate mortgage fell to 4.11 percent from 4.16 percent, and the one-year ARM climbed to 4.27 percent from 4.15 percent.
A year ago, the five-year averaged 5.08 percent and the one-year stood at 4.86 percent.
These rates are good for conforming mortgages with a loan to value of 80 percent; pricing adjustments may raise or lower your actual rate.
Jumbo loans continue to price about a percentage point higher.
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