Mortgage rates drop to start the year
Freddie Mac's weekly survey, ending January 6, showed the average 30-year fixed rate mortgage was 5.77, down from 5.81 a week ago.
Last year finished off the year with an average 30-year fixed mortgage of 5.84 percent.
Analysts are still split on the future of mortgage rates for 2005, though the consensus seems to be building that next year will be another great year for the real estate industry.
Most analysts; however, do expect mortgage rates to rise sometime next year. Most expect the first quarter of 2005 to hold under 6 percent. By the end of year, the most common guess is 6.5% - 7.0%.
Other mortgage rates
15-year, fixed-rate mortgages, dropped this week to 5.21 percent, from 5.23 percent last week. One-year adjustable-rate mortgages fell to 4.10 percent this week, from 4.19 percent.
Five-year, “hybrid†adjustable- rate mortgages averaged 5.03 percent this week. This is the first time Freddy Mac has monitored this rate.
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Last year finished off the year with an average 30-year fixed mortgage of 5.84 percent.
Analysts are still split on the future of mortgage rates for 2005, though the consensus seems to be building that next year will be another great year for the real estate industry.
Most analysts; however, do expect mortgage rates to rise sometime next year. Most expect the first quarter of 2005 to hold under 6 percent. By the end of year, the most common guess is 6.5% - 7.0%.
Other mortgage rates
15-year, fixed-rate mortgages, dropped this week to 5.21 percent, from 5.23 percent last week. One-year adjustable-rate mortgages fell to 4.10 percent this week, from 4.19 percent.
Five-year, “hybrid†adjustable- rate mortgages averaged 5.03 percent this week. This is the first time Freddy Mac has monitored this rate.
Need a Los Angeles Mortgage Broker?
Need a Los Angeles Real Estate Agent?
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