30-Year-Loan Rates Dip Slightly
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Saturday, May 10, 2008
Rates on 30-year mortgages edged down this week but remained above 6 percent.
Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.05 percent this week, compared with 6.06 percent last week. It marked the third straight week that 30-year rates have been above 6 percent.
Analysts said rates for all mortgages didn't change much this week as the housing industry continues to confront the worst downturn in more than 20 years.
"The housing market is still struggling amid falling house prices and stricter lending standards," said Frank E. Nothaft, chief economist at Freddie Mac. "Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year."
Nothaft said the national homeownership rate stood at 67.8 percent in the first three months of this year, according to figures from the Census Bureau, compared with its peak of 69 percent in the third quarter of 2006.
The Freddie Mac survey found that rates on other types of mortgages were mixed this week.
The average rate on 15-year, fixed-rate mortgages, a popular choice for refinancing, edged up to 5.60 percent from 5.59 percent.
Five-year, adjustable-rate mortgages dropped to 5.67 percent from 5.73 percent. One-year ARMs were unchanged at 5.29 percent.
The mortgage rates do not include add-on fees known as points. For 30-year and 15-year mortgages, the nationwide average fee was 0.3 point. The average fee for five-year adjustables was 0.5 point, while the average fee for one-year ARMs was 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.21 percent, 15-year and five-year mortgage rates averaged 5.92 percent, and one-year mortgages were at 5.48 percent.
AWARDS. . . The National Association of Realtors and the U.S. Conference of Mayors have picked Alexandria as one of six 2008 "ambassador cities" for efforts by the Northern Virginia Association of Realtors and the city in support of affordable housing, its home-buyer seminars for city employees and teachers in Alexandria public schools, and events to educate homeowners about avoiding foreclosure. The local realty organization was awarded a $5,000 grant from the national group to help facilitate these affordable-homeownership programs. . . . EVENTS. . . Take a tour of 13 District homes on the Capitol Hill House and Garden Tour today from 5 to 8 p.m. and tomorrow from noon to 5 pm. For details, visit http:/
