The 30-year fixed-rate mortgage edged up just slightly, averaging 5.03 percent for the week ending October 29, 2009, up from last week when it averaged 5.00 percent, according to Freddie Mac. Last year at this time, the 30-year averaged 6.46 percent.
The 15-year this week averaged 4.46 percent, up from last week when it averaged 4.43 percent. A year ago at this time, the 15-year averaged 6.19 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.42 percent this week, up from last week when it averaged 4.40 percent. A year ago, the 5-year ARM averaged 6.36 percent.
The one-year Treasury-indexed ARM averaged 4.57 percent this week, up from last week when it averaged 4.54 percent. At this time last year, the 1-year ARM averaged 5.38 percent.
Current DateTime: 07:02:02 29 Oct 2009
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“Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the lowest 10-month average since the survey began in 1971,” said Frank Nothaft, Freddie Mac [FRE 1.219 0.059 (+5.09%) ] vice president and chief economist. “As a result, refinance activity has accounted for almost seven out of 10 mortgage applications on average this year, according to Freddie Mac’s survey.”