Friday, October 6, 2006Realtor Magazine OnlineFor the week ending Oct. 5, the 30-year fixed mortgage rate averaged 6.30 percent, the lowest level since the week of March 2, when it averaged 6.24 percent, Freddie Mac reports."Mortgage rates fell to a six-month low this past week, and, not surprisingly, home refinancing rose 18 percent last week, accounting for almost half of all mortgage applications," said Frank Nothaft, Freddie Mac vice president and chief economist. "This is due both to the recent decline in mortgage rates and to homeowners who are refinancing ARMs rather than waiting for them to reset in the future when rates may be higher."The 15-year fixed rate this week averaged 5.98 percent with an average 0.4 point, unchanged from last week. A year ago, the 15-year rate averaged 5.54 percent. This is the lowest the 15-year rate has been since the week ending March 23, 2006, when it averaged 5.97 percent.Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula
