Dec
30

2010 Mortgage Rates Lowest Since 1955

December 30, 2010

Mortgage rates increased this week to their highest level since May, though they still remain comparatively low.

Freddie Mac today released its Primary Mortgage Market Survey for the week ending December 30 to show that all mortgage rates rose but the 1-year ARM.

Here is a breakdown for the most common mortgage plan:

*The 30-year fixed-rate mortgage (FRM) averaged 4.86 percent for the week ending December 30 after last week’s average of 4.81 percent.

Dice with interest signs on them.*Last year at this time, the 30-year FRM averaged 5.14 percent.

*For 2010, 30-year mortgage rate averaged 4.69 percent with the high for the year at 5.21 percent in April and a record low set in November of 4.17 percent.

*In 2009, the average was 5.04 percent with a low of 4.71 percent and a high of 5.59 percent.

The rest of the rates:

*The 15-year FRM averaged 4.86 percent for the week ending December 30, up from 4.81 percent last week. Last year at this time, the 15-year FRM averaged 5.14 percent.

*The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.77 percent this week, up from last week’s average of 3.75 percent and below the average at this time last year of 4.44 percent.

*The 1-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) saw its average rate drop from 3.40 percent last week to 3.26 percent this week. Both those rates are way below the average at this time last year of 4.33 percent.

“Interest rates on fixed mortgages and the 5-year Hybrid ARM rose slightly over the holiday week, but were still below the year’s highs set in the first half of 2010,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

“For the year as a whole, 30-year fixed mortgage rates averaged just below 4.7 percent, which represented the lowest annual average since 1955 when secondary market yields on FHA mortgages were above 4.6 percent and the average price of a home was $22,000.”

Incredible.

Categories: Economy, Mortgages

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