Mortgage Rates Dip

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WASHINGTON – Mortgage rates declined for the third week in a row, with the average for the benchmark 30-year loan dipping back below 5%, according to Freddie Mac.
The average for the benchmark rate, which has see-sawed for the past six months, was 5.05% last week.
The average for the 15-year mortgage dipped to 4.22%, from 4.27% last week.
ARM rates were mixed, with the average for the five-year ARM falling to 3.80%, from 3.87%; and the average for the one-year ARM inching up to 3.40%, from 3.39% last week.

“Fixed mortgage rates eased again this holiday week amid mixed inflation data reports,” said Frank Nothaft, chief economist for Freddie Mac. “Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1% in the fourth quarter of 2010 compared to the same period in 2009. In addition, the level of the index was the lowest since the fourth quarter of 2002.”WASHINGTON – Mortgage rates declined for the third week in a row, with the average for the benchmark 30-year loan dipping back below 5%, according to Freddie Mac.

The average for the benchmark rate, which has see-sawed for the past six months, was 5.05% last week.

The average for the 15-year mortgage dipped to 4.22%, from 4.27% last week.

ARM rates were mixed, with the average for the five-year ARM falling to 3.80%, from 3.87%; and the average for the one-year ARM inching up to 3.40%, from 3.39% last week.

“Fixed mortgage rates eased again this holiday week amid mixed inflation data reports,” said Frank Nothaft, chief economist for Freddie Mac. “Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1% in the fourth quarter of 2010 compared to the same period in 2009. In addition, the level of the index was the lowest since the fourth quarter of 2002.”

 

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