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Mortgage Rates Near All Time Low

mortgage-rates-near-record-lowMortgage rates are near an all time low set recently. This past week 30 year mortgage rates averaged averaged 4.80 percent and 15 year mortgages averaged 4.45 according to Freddie Mac's weekly survey of mortgage rates.

Five year Treasury indexed hybrid adjustable rate mortgages averaged 4.85 percent and 1 year Treasury indexed hybrid adjustable rates mortgages averaged 4.82 percent.

These near record low mortgage rates are helping to put a bottom in housing prices. In all but three census regions of the country housing prices have actually increased last month.

In New England housing prices rose 2.2 percent, which includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut. In the Pacific region housing prices rose 3.8 percent. The Pacific region includes,  Hawaii, Alaska, Washington, Oregon and California.

Read more: Low Mortgage Rates Put a Floor on Home Prices

Frank Nothaft, Freddie Mac vice president and chief economist said "Although long-term mortgage rates eased slightly this week, ARM rates remain elevated relative to those fixed-rate mortgages. For instance, interest rates for 1-year ARMs exceeded those for 30-year fixed-rate mortgages over the last two weeks, this is the first time this has happened since Freddie Mac began collecting data for ARMs in January 1984."
Author: Brian McKay
April 23rd, 2009