Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Mortgage Rates Fall to 5.1 Percent on 30-Yr Fixed

For the third week running, mortgage rates have hit new lows.

Freddie Mac reported that average rates on 30-year fixed-rate loans this week fell to 5.1 percent. That's down from 5.14 percent the previous week, and the lowest since the mortgage giant began tracking in 1971. It's actually the lowest rate in longer than that--rates through most of the 1960s and 1970s were generally 6 percent or more.

It's the ninth week in a row that rates have fallen, in response the turmoil throughout the economy. The result has been a flood of refinancing applications as homeowners have tried to cut costs

At 5.1 percent, the monthly principal and interest payment on a $200,000 mortgage would be $1,086. A year ago, when rates averaged 6.07 percent, it would have been $1,208.

Fifteen-year rates averaged 4.83 percent, down from 4.91 percent the previous week. Quotes for both 30-year and 15-year rates include 0.7 points, the upfront fee for a mortgage. One point is equal to 1 percent of the mortgage.

--Maryann Haggerty

By Sara Goo  |  December 31, 2008; 10:51 AM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Jobless Claims Dip
Next: Madoff in Focus Today

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company