This week’s Primary Mortgage Market Survey® had the average 30-year fixed-rate mortgage at 5.01 with 0.7 point typically paid to obtain that rate. This is up for the week ending February 4, 2010 from the week before when it averaged 4.98 percent. Last year at this time, the 30-year fixed rate averaged 5.25 percent. The survey is conducted weekly by Freddie Mac.
This week’s survey showed home loan rates to be lowest in the west and southwestern regions of the country, which, of course, includes Arizona.
Mortgage applications for home purchases jumped at the end of January, according to figures from the Mortgage Bankers Association released on February 3. Meanwhile,the Federal Reserve’s Senior Loan Officer Opinion Survey reported that banks generally stopped tightening standards on most types of loans in the fourth quarter of 2009, with commercial real estate as the exception. However, banks have yet to unwind the tightening that occurred over the last two years.
Here are the numbers from this week’s Freddie Mac survey:
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