Mortgage Rates fall to lowest level since 2004
Great news for Nolting Real Estate clients Rates on fixed-rate mortgages have hit their lowest levels since 2004. Today, a typical St. Louis homebuyer will enjoy an interest rate in the mid-5s. This means your buying power is significantly higher.
Last fall, every 100k borrowed cost the typical buyer about $623.00 per month (30 year fixed, 6.375% rate, no points). Today $623.00 per month permits you to borrow about $10k more, or $110,000 (30 year fixed, 5.500% rate, no points).
It's a perfect time to buy your St. Louis home. Call Russell Nolting at 314 267 2636, or visit me on the web at www.NoltingRealEstate.com.
CNN agrees, see below.
NEW YORK (CNNMoney.com) -- Mortgage rates continued to fall this week, with 30-year and 15-year fixed-rate mortgages hitting their lowest levels in nearly four years, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 5.48 percent for the week ending Thursday, down from 5.69 percent last week.
At this time last year, the 30-year fixed-rate mortgage averaged 6.25 percent. The 30-year rate has not been lower since the week ending March 25, 2004, when it averaged 5.40 percent.
"Economic news released last week confirmed the weak condition of the housing market," Freddie Mac (FRE, Fortune 500) vice president and chief economist Frank Nothaft said in a statement.
"When the Federal Reserve cut the target federal funds rate by three quarters of a percentage point, the action was extraordinary in both the magnitude and the timing of the rate cut," he said.
Freddie Mac said 15-year fixed-rate loans averaged 4.95 percent, down from 5.21 percent last week. A year ago, the 15-year rate averaged 5.98 percent. The 15-year rate has not been lower since the week ending April 1, 2004, when it averaged 4.84 percent.
Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.13 percent, down from 5.40 percent last week. The 5-year rate averaged 6 percent at this time last year.
One-year Treasury-indexed ARMs averaged 4.99 percent, down from 5.26 percent last week. At this time a year ago, the 1-year ARM averaged 5.49 percent.
Last fall, every 100k borrowed cost the typical buyer about $623.00 per month (30 year fixed, 6.375% rate, no points). Today $623.00 per month permits you to borrow about $10k more, or $110,000 (30 year fixed, 5.500% rate, no points).
It's a perfect time to buy your St. Louis home. Call Russell Nolting at 314 267 2636, or visit me on the web at www.NoltingRealEstate.com.
CNN agrees, see below.
NEW YORK (CNNMoney.com) -- Mortgage rates continued to fall this week, with 30-year and 15-year fixed-rate mortgages hitting their lowest levels in nearly four years, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 5.48 percent for the week ending Thursday, down from 5.69 percent last week.
At this time last year, the 30-year fixed-rate mortgage averaged 6.25 percent. The 30-year rate has not been lower since the week ending March 25, 2004, when it averaged 5.40 percent.
"Economic news released last week confirmed the weak condition of the housing market," Freddie Mac (FRE, Fortune 500) vice president and chief economist Frank Nothaft said in a statement.
"When the Federal Reserve cut the target federal funds rate by three quarters of a percentage point, the action was extraordinary in both the magnitude and the timing of the rate cut," he said.
Freddie Mac said 15-year fixed-rate loans averaged 4.95 percent, down from 5.21 percent last week. A year ago, the 15-year rate averaged 5.98 percent. The 15-year rate has not been lower since the week ending April 1, 2004, when it averaged 4.84 percent.
Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.13 percent, down from 5.40 percent last week. The 5-year rate averaged 6 percent at this time last year.
One-year Treasury-indexed ARMs averaged 4.99 percent, down from 5.26 percent last week. At this time a year ago, the 1-year ARM averaged 5.49 percent.
posted by Russell T. Nolting at
8:23 PM
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