graphic
graphic  
graphic
Personal Finance > Your Home
graphic
Mortgage rates dip
Rates expected to stay low as long as inflation remains tame.
February 21, 2002: 12:56 p.m. ET

graphic NEW YORK (CNN/Money) - U.S. 30-year fixed-rate mortgages dipped slightly last week held back, in part, by low inflation levels heading into a possible economic turnaround, a survey showed Thursday.

According to Freddie Mac, the 30-year long-term mortgage averaged 6.81 percent for the week ending Feb. 22, with an average 0.7 point payable up front to the lender. That is down from 6.86 percent last week and an average 7.12 percent at this time last year.

graphic
graphic graphic
graphic
The 15-year fixed-rate mortgage averaged 6.28 percent this week, with an average 0.7 point, also down from last week's average of 6.35 percent and 6.69 percent during the year-ago week.

Click here to compare real estate agents

At the same time, one-year adjustable-rate mortgages (ARMs) indexed to the Treasury averaged 4.96 percent this week, with an average 0.7 point, down from last week's average 5.04 percent. One-year ARMs averaged 6.43 percent at this time last year.

"Leading economic indicators are signaling that the economy is turning around from recession," said Robert Van Order, Freddie Mac chief international economist. "And with inflation coming in at a very tame rate of about 1.1 percent year-over-year, the prospect of higher mortgage rates is dim indeed."

graphic  
Freddie Mac (FRE: Research, Estimates), or Federal Home Mortgage Corp., is a publicly traded company the government established in 1970 to provide a flow of funds to mortgage lenders.

It buys mortgages from banks, bundles them and then resells them as mortgage-backed securities. Its products, and the products of other similar entities, have become increasingly popular as an alternative to government-backed bonds, particularly with international investors. graphic





graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

graphic