Sep 03 2010

Mortgage Rates Hit New Low

Published by at 6:51 am under General Information

30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending September 2, 2010, down from last week when it averaged 4.36 percent. Last year at this time, the 30-year FRM averaged 5.08 percent.

15-year FRM this week averaged a record low of 3.83 percent with an average 0.6 point, down from last week when it averaged 3.86 percent. A year ago at this time, the 15-year FRM averaged 4.54 percent.

Amy Crews Cutts, deputy chief economist at Freddie Mac, reports, “The 12-month price growth of core personal expenditures remained at 1.4 percent in July, which kept overall inflation expectations well at bay.  She continued, “House prices, however, appear to be firming. Home prices rose 2.3 percent between the first and second quarter of this year, reaching the highest level since the fourth quarter of 2008, according to the S&P/Case Shiller® National Home Price Index.

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