Fixed mortgage rates edge down, ARMs mixed

Freddie Mac reports that the 30-year fixed-rate mortgage (FRM) averaged 5.06 percent this week, down from last week’s 5.09 percent.  Last year at this time, it was averaged 4.96 percent.

The 15-year FRM this week was down to 4.45 percent 4.50 percent last week and 4.65 percent a year ago.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.32 percent versus 4.44 percent the week ending Jan. 7 and 5.25 percent one year earlier.

But the one-year Treasury-indexed ARM ticked up to 4.39 percent from 4.31 percent.  At this time last year, it was 4.89 percent.

As Freddie Mac Chief Economist Frank Nofhaft noted:

“The Federal Reserve recently reported positive news in both the housing market and the overall state of the economy in its January 13th regional economic report, which spanned the last few months of 2009. Economic activity improved in 10 of its 12 districts. Home sales, especially for lower-priced homes, increased due in part to the homebuyer tax credit and house prices appeared to have changed little since its last report.”

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

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