Boston mortgage rates stable during past week, under 5%
Feb 2011 24

The average 30-year, fixed mortgage rate fell just a bit, this past week, landing at 4.95% on a national basis, according to the Freddie Mac weekly survey of loan providers.

The 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.6 point for the week ending February 24, 2011, down from last week when it averaged 5.0 percent. Last year at this time, the 30-year FRM averaged 5.05 percent.

A $400,000, 30-year, fixed-rate mortgage at 4.95 percent would run you approximately $2,135 per month in loan repayments. This is a $12 savings when compared to last week.

The 15-year FRM this week averaged 4.22 percent with an average 0.7 point, down from last week when it averaged 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac says, ““Fixed mortgage rates eased again this holiday week amid mixed inflation data reports. Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1 percent in the fourth quarter of 2010 compared to the same period in 2009, according to the S&P/Case-Shiller® National Index. In addition, the level of the index was the lowest since the fourth quarter of 2002.

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