FHFA: Mortgage Rates On 30-Year Loans In February Fall To 5.03%
March 26 2009 - 10:56AM
Dow Jones News
A regulator says mortgage rates fell in February, making buying
a house more affordable.
The Federal Housing Finance Agency on Thursday said the average
interest rate on conventional 30-year, fixed-rate, mortgage loans
of $417,000 or less decreased 6 basis points to 5.03% in
February.
The average interest rate on 15-year, fixed-rate loans of
$417,000 or less decreased 19 basis points to 4.92% in
February.
The FHFA regulates Fannie Mae (FNM), Freddie Mac (FRE) and the
12 Federal Home Loan banks.
The rates reported Thursday by the agency were calculated from a
survey of purchase-money mortgages. The survey results reflect
loans closed during the Feb. 23-28 period. Typically, the interest
rate is determined 30 to 45 days before the loan is closed. So, the
reported rates depict market conditions prevailing in mid- to late
January, the agency said.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com