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Welcome to the Brettin Law Office bloG, an occasional source of news, opinion, and viewpoint of the author on topics specific to current business and law interests. Posts are intermittent as time permits. These BLOG posts are to be read as commentary, not legal opinion, and do not form the basis of a lawyer-client relationship. Please call 206-522-7100 if you have questions about any BLOG post content, or if you would like to speak with a lawyer on a topic appearing in the BLOG. Thank you . Lee April 3, 2009
Washington Realtors issued their press release on new mortgage rates today: McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending April 2, 2009, down from last week when it averaged 4.85 percent. Last year at this time, the 30-year FRM averaged 5.88 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM. The 15-year FRM this week averaged 4.52 percent with an average 0.7 point, down from last week when it averaged 4.58 percent. A year ago at this time, the 15-year FRM averaged 5.42 percent. The 15-year FRM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.92 percent this week, with an average 0.7 point, down from last week when it averaged 4.96 percent. A year ago, the 5-year ARM averaged 5.59 percent. The 5-year ARM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 2005 for the 5-year ARM. One-year Treasury-indexed ARMs averaged 4.75 percent this week with an average 0.6 point, down from last week when it averaged 4.85 percent. At this time last year, the 1-year ARM averaged 5.19 percent. The 1-year ARM has not been lower since the week ending September 29, 2005, when it averaged 4.68 percent. Lower rates will help support housing prices at the bottom. However, consumers will still need to qualify for loans. With the job market in the tank I’m not sure we’ll see a flurry of new sales anytime soon. However, the loan closers I’ve been in touch with say things at their offices are extremely busy right now. Hopefully these rate targets will also help some folks in need of loan modifications as well.
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* Grizette = grist-gazette. The BLOG, and other content of this website, is not legal advice, please do not view it as such. The BLOG posts do not form the basis of an attorney-client relationship, actual or implied.
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