Mortgage Rates Dip Slightly in First Week of 2010

30-year fixed mortgage rates dropped from 5.14 to 5.09% this past week according to the Freddie Mac Weekly Mortgage Survey.

The average rate on a 30-year fixed mortgage dropped from 5.14% to 5.09% according to data from Freddie Mac. This is consistent with data from the BestCashCow rate tables which show average 30-year mortgage rates moving from 5.211% to 5.143%.

Averages though aren't actual mortgages. I like to check and see what rate is actually available. Since I live in Massachusetts I check Massachusetts mortgage rates. Below I compared the best rate I could find on a $200,000 mortgage with 0 points:

This Week Last Week

Rate: 4.875 5%

Points: 0 0

Fees: $1,058 $1,995

I'm not sure why the fees (closing costs) went down so much over the past week. It's the same lender AimLoan.com so I'm going to give them a call to check it out. Perhaps mortgage refinance demand has slowed as rates have risen so banks are cutting fees?

The 15-year FRM this week averaged 4.50 percent down from from last week when it averaged 4.50 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.44 percent this week, flast from last week's 4.44 percent. The 1-year Treasury-indexed ARM was flat, averaging 4.33 percent again this week.

WeeklyMortgageRates-12-31-2009

The rates above are just averages. To find the best mortgage rates in your area, visit the BestCashCow mortgage rates tables.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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