Low Mortgage Rates Helps Malibu Real Estate Buyers

by ritasimpson on May 10, 2012

in Money Talk

Low Rates Spur Demand for homes in Malibu.

Investors and Banks have increased appetite for Mortgage backed securities and Mortgage rates continue to slide and hit record lows …although banks are more reluctant to originate mortgages to borrowers with flawed credit they are nevertheless stepping up their purchases of loans that have been packaged into mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.

Rates on 30-year fixed-rate mortgages averaged 3.83 percent with an average 0.7 point for the week ending May 10, down from 3.84 percent last week and 4.63 percent a year ago, Freddie Mac said in releasing the results of its weeklyPrimary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971.

For 15-year fixed-rate mortgages, rates averaged 3.05 percent with an average 0.7 point, down from 3.07 percent last week and 3.82 percent a year ago. That’s a new low in records dating to 1991.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.81 percent with an average 0.5 point, down from 2.85 percent last week and 3.41 percent a year ago. Rates on five-year ARMs hit an all-time low in records dating to 2005 of 2.78 percent during the week ending April 19.

For one-year Treasury-indexed ARMs, rates averaged 2.73 percent with an average 0.5 point, up from 2.7 percent last week and 3.11 percent a year ago.

 

Leave A Reply With Facebook

Malibu Home Search Malibu Home Values

Post by Rita Simpson

Rita has written 468 articles.



Leave A Reply With Facebook

Previous post:

Next post: