Excerpt from: Flagstaff Mortgages
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| January 10, 2010 | | Home loan rates fell last week for the first time in 5 weeks | Average interest on long-term mortgages went down slightly last week, after rising in the four previous weeks. Freddie Mac reported that 30-year fixed mortgage rates averaged 5.09 percent, down from 5.14 percent a week ago. Local Flagstaff mortgage lender rate sheets that I received Friday showed rates a bit lower than the national average for the prior week – at an even 5% for a 30-year fixed rate mortgage with only .25 in points to obtain that rate. (The national rate report assumed a .7% point payment to obtain the average mortgage rate.)
Whether the down-tick in mortgage interest rates was related to a reduction in home sales in December, and pending home sales scheduled to close in the next few months, is unclear but is likely because otherwise the improved economic news for the week (stock market up slightly and improved unemployment numbers) should have continued to push home loan rates in the other direction.
Here are the numbers for the first seven days of 2010 per Freddie Mac’s weekly survey:
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