| HeraldNet - Snohomish County's online news source |
 TUESDAY, FEBRUARY 9, 2010 3:06 pm |
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Real Estate 
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Mortgage rates fall to record-low level McLEAN, Va. — Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.Rates for 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the record low reached the week of April 30. Freddie Mac has been tracking rates on 30-year fixed mortgages since 1971. Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent. Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy up mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the housing market. Since April, rates have hovered near 5 percent, spurring refinance activity. However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment. Rates for 30-year fixed mortgages are now 0.8 percentage points below this year’s peak set in mid-June. The average rate on a 15-year fixed-rate mortgage fell to 4.29 percent, down from 4.32 percent last week, according to Freddie Mac. The 15-year rate hasn’t been this low since Freddie Mac started tracking it in 1991. Rates on five-year, adjustable-rate mortgages averaged 4.18 percent, down from last week’s 4.25 percent. Rates on one-year, adjustable-rate mortgages were 4.35 percent for the second consecutive week. The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 point for 30-year and one-year loans. Send your real estate news to Mike Benbow, Business editor, The Herald, P.O. Box 930, Everett, WA 98206, by fax to 425-339-3435 or by e-mail to economy@heraldnet.com. |
- A revolutionary 747
- Fire breaks out at Everett car dealer
- Everett rethinks boutique wineries
- A tidy lawn could be law in Lynnwood
- Snohomish County's bargain housing won't last
- Boeing's 747-8 takes off after weather delay
- Plan for I-5 closures this week
- A new bowling alley for Monroe?
- Lake Stevens man homeless after fire
- I-5 bridge joint may give you a jolt, but it isn't damaged
- Vote on school levies by Tuesday
(11) - A tidy lawn could be law in Lynnwood (10)
- Everett police officers cleared in 2008 shooting death (5)
- 1949 travel aid shows how few places blacks were welcome in Washington (4)
- I-5 bridge joint may give you a jolt, but it isn't damaged (4)
- Everett rethinks boutique wineries (4)
- County archive software paid for but waiting for set-up (3)
- Lynnwood sets height limit on grass: 8 inches (3)
- Three politicians who want Gregoire's job in 2012 (3)
- Toyota has powerful D.C. friends (3)
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