Bay Area Refinance and Mortgage Weekly News Report: Week of Jan 5-9th 2009

Bay Area Refinance and Mortgage Weekly News Report: Week of Jan 5-9th 2009

30-year fixed hits record low of 5.01%.
Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage hit a new record low of 5.01% (and 0.6 pts) down from 5.10% (and 0.7 pts) for the week ending January 8. The new low marked the  the tenth consecutive week of mortgage rate declines, and marks the lowest rate since Freddie’s survey began in 1971. The 15-year fixed dropped -.21% to 4.62%, the lowest rate since June 13, 2003 when the rate was 4.60% percent.  Five-year Treasury-indexed hybrid ARMs had averaged 5.49%, down from 5.57% in the prior week.  One-year Treasury-indexed ARMs averaged 4.95%, up from 4.85% in the prior week.
“Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae,”  according to Frank Nothaft, Freddie Mac vice president and chief economist

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