Dennis Norman
According to Freddie Macs weekly mortgage market survey the interest rate on home mortgages dropped for the third-consecutive week and remains at a three-month low. The survey shows the interest rate on a 30 year fixed rate mortgage for the week ending September 17,2009,averaged 5.04 percent with 0.7 percent in fees and points,down from 5.07 percent last week. Last year at this time,the 30 year interest rate averaged 5.78 percent.
The interest rate on a 15-year fixed rate mortgage averaged 4.47 percent with 0.6 percent in fees this week,down from 4.50 percent last week. Last year at this time the 15 year interest rate averaged 5.350 percent.
The interest rate on a five-year ARM averaged 4.51 percent with 0.4 percent in fees this week,remaining unchanged from last week. A year ago at this time the five-year ARM interest rate averaged 5.67 percent.
The interest rate on a one-year ARM averaged 4.58 percent with 0.5 percent in fees this week,down from 4.64 percent last week. A year ago at this time the one-year ARM interest rate averaged 5.03 percent.
“Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July,although starts eased slightly in August. Moreover,homebuilder confidence improved for the third straight month in September,with all four regions showing positive gains,according the National Association of Home Builder’s Housing Market Index.”
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