ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 10/24/2011
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Mortgage rates are hovering not far above record lows set during the first week in October, but demand for purchase loans hit a low last week not seen since 1996, surveys of lenders show. Freddie Mac’s latest Primary Mortgage Market Survey showed rates for 30-year fixed-rate mortgage (FRM) averaging 4.11 percent with an average 0.8 point for the week ending Oct. 20.
That’s virtually unchanged from 4.12 last week, and not far above the all-time low in records dating to 1971 of 3.94 percent set during the week ending Oct. 6. Rates on the popular 30-year fixed-rate mortgage were at 4.21 percent this time a year ago, before climbing to a 2011 high of 5.05 percent in February.
For 15-year fixed-rate mortgages, rates averaged 3.38 percent with an average 0.8 point, essentially unchanged from 3.37 percent last week. The 15-year mortgage hit an all-time low in records dating to 1991 of 3.26 percent during the week ending Oct. 6.At this time a year ago, 15-year loans were averaging 3.64 percent, before climbing to a 2011 high of 4.29 percent in February.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.01 percent with an average 0.6 point, down slightly from 3.06 percent last week, and not far off the all-time low in records dating to 2005 of 2.96 percent registered during the week ending Oct. 6. A year ago, the five-year ARM averaged 3.45 percent, before hitting a 2011 high of 3.92 percent in February.
The one-year Treasury-indexed ARM averaged 2.94 percent with an average 0.6 point, up from 2.9 percent last week but still within range of a low in records dating back to 1984 of 2.81 percent seen during the week ending Sept. 15. At this time last year, the one-year ARM averaged 3.3 percent before hitting a 2011 high of 3.4 percent in February.