Mortgage Interest Rates Go Even Lower
Posted by TheHomeCart.com on Sunday, March 29th, 2009 at 1:29pm.The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less decreased 6 basis points to 5.03 percent in February. The average interest rate on 15-year, fixed-rate loans of $417,000 or less decreased 19 basis points to 4.92 percent in February. The reported rates depict market conditions prevailing in mid- to late January.
The agency report also included the following statistics:
- Initial fees and charges were 0.57 percent of the loan balance in February, down 0.07 percent from 0.64 in January.
- 47 percent of the purchase-money mortgage loans originated in February were "no-point" mortgages, up from 41 percent in January.
- The average term was 28.1 years in February, down from 28.4 in January.
- The average loan-to-price ratio in February was 74.4 percent, down from 75.2 percent in January.
- The average loan amount decreased by $2,600 to $208,900 in February.
Our select team here with TheHomeCart.com and Brokers Guild - Cherry Creek Ltd is committed to meeting all of your Colorado real estate needs. We use the latest technology and utmost degree of customer service to enhance your real estate buying and selling experience. Our team services the Denver Metro area helping buyers and sellers with homes, townhomes, condos, lofts, and investment properties. We specialize in offering relocation assistance for local, national and international buyers of homes and properties here in colorful Colorado. For more information about buying or selling your Denver area home, please contact us here at TheHomeCart.com.
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