Boston mortgage loans moderate at 5%, week of February 17, 2011
Feb 2011 17

The average 30-year, fixed mortgage rate fell just a bit, this past week, landing at 5% on a national basis, according to the Freddie Mac weekly survey of loan providers.

The 30-year fixed-rate mortgage (FRM) averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 4.93 percent.

A 30-year, fixed-rate mortgage at 5.0 percent would run you approximately $2,147 per month in loan repayments.

The 15-year FRM this week averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac says, “Fixed mortgage rates eased slightly this week and continue to be very affordable. Prior to 2009, interest rates for 30-year fixed-rate mortgages had never been at 5 percent since our survey began in April 1971. In both 1981 and 1982, the rates were over three times as high as they are today.

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