Dennis Norman
According to Freddie Macs weekly mortgage market survey mortgage rates decreased slightly for the week ending August 6, 2009 from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.22% with 0.6% in fees and points, down from 5.25% the week before. Last year at this time, the 30 year rate averaged 6.52%.
Rates on 15 year fixed-rate mortgages decreased slightly as well, down to 4.63% from 4.69% the week before, 5/1 ARM’s held about the same at 4.73% and 1 year ARM’s as well as 4.78%. This time last year these arms were 6.05% and 5.22% respectively.
“Better-than-expected economic reports helped to keep mortgage rates low this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy slowed by an annual rate of 1 percent in the second quarter, which was more positive than market forecasts.”
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