Rates were stable at historic lows again in the past week. Freddie Mac announced that for the week ending September 16, 30-year fixed rates averaged 4.37%, up slightly from 4.35% the previous week. The average for 15-year fixed fell slightly to 3.82%. Adjustables were also down slightly with the average for one-year adjustables easing to 3.40% and five-year adjustables falling slightly to 3.55%. A year ago 30-year fixed rates were at 5.04%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac, “Rates on 30-year fixed loans have remained below 5 percent for the last 19 weeks giving people ample opportunity to refi their existing loans. As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years, according to the Federal Reserve. Currently, four out of five applications for home loans are for refinancing existing loans, based on figures released by the Mortgage Bankers Association of America.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Updated September 17, 2010
Interest rates are always an important factor when considering a purchase of Tucson Real Estate.