Long-Term Rates Rise To Over 5 Percent For The First Time In Three Weeks
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 25, 2010, up from last week when it averaged 4.93 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.
The 15-year FRM this week averaged 4.40 percent with an average 0.7 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.16 percent this week, with an average 0.6 point, up from last week when it averaged 4.12 percent. A year ago, the 5-year ARM averaged 5.06 percent.
The 1-year Treasury-indexed ARM averaged 4.15 percent this week with an average 0.6 point, down from last week when it averaged 4.23 percent. At this time last year, the 1-year ARM averaged 4.81 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“Interest rates for 30-year fixed mortgages followed long-term bond yields higher and rose above 5 percent this week amid a mixed set of economic data reports” said Frank Nothaft, Freddie Mac vice president and chief economist. “For instance, the January producer price index jumped well above the market consensus, but the consumer price index remained subdued and consumer confidence declined to the lowest level since April 2009, according to the Conference Board.
“There were also varying reports as to the current state of the housing market. The S&P/Case-Shiller® national home price index rose for the third consecutive quarter in the fourth quarter, albeit at a slower rate, and the 20-city composite index showed an increase in December 2009 for the seventh month in a row; six metropolitan areas experienced positive year-over-year growth, compared to four in November. New home sales, however, unexpectedly slowed in January to the smallest pace since records began in 1963, and the supply of homes at the current sales rate rose to 9.1 months, the most since May 2009.”
Having lived, attended schools, worked and raised a family in Santa Barbara, Don has a unique and in depth knowledge of Santa Barbara County. He has been a top producer for over 26 years in his association with Coldwell Banker and their predecessors. Don specializes in neighborhoods such as the Upper Westside of Santa Barbara, the lavish Bel Air Knolls, and Cold Springs in Montecito. With an in depth knowledge of these neighborhoods and their buying/selling history, he is better capable of getting your house on the market, getting it noticed, and getting it sold effectively. His experience in Santa Barbara will lead you to find that house that best suits your needs.
Don was raised in Santa Barbara. In his youth he played football in high school and college. Don and his wife Holly have been married for over 40 years and have three adult children, two sons and a married daughter. They are proud Grandparents of four young children. Don's idea of a fun vacation is backpacking in the wilderness with his extended family. Don's first love is his family followed by tennis and the wonderful and inspiring escape to nature during vacation.
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