Thursday, March 26, 2009
Mortgage Rates Drop in February
The cost of buying a house declined last month.
The average rate on a 30-year fixed mortgage was 5.03% last month, a decline of six basis points, the Federal Housing Finance Agency reported today.
The agency said that rate, which was on loans of $417,000 or less, declined from January's rate of 5.09%.
Initial fees and charges represented .57% of the loan balance, compared with .64% in January.
The dropping mortgage rates, coupled with the increased availability of foreclosed properties selling at lower prices, caused home sales to increase last month, according to the Commerce Department and the National Association of Realtors.
A 30-year fixed mortage rate at Dupaco stood at 4.875% with zero points. See more rates and other options here.
All this means Dupaco's team of real estate loan professionals are extremely busy responding to the surge of member requests for fresh loans.