Mortgage interest rates inch lower

Mortgage interest rates slipped further still this week, down to 5.01 percent, from 5.07 percent a week ago for fixed-rate mortgages (FRMs) on conforming 30-year loans, according to December's first weekly Interest Rate Review by Calabasas, CA-based Informa Research Services , a market research, analyses, and intelligence gathering service for the financial industry since 1983.

Freddie Mac reported last week, the average rate for a fixed rate mortgage (FRM) on 30-year conforming loans fell even lower to 4.78 percent, matching their record low set in the week ending April 30 earlier this year.

Informa's average 30-year conforming FRM of 5.01 percent was down from a year ago when it was three-quarters of a percentage point higher at 5.76 percent.

This week's Informa survey also said both the highest 30-year FRM with an annual percentage rate (APR) of 6.96 percent, and the lowest, at 4.34 percent, were virtually unchanged from last week's survey.

The average 15-year FRM came in Dec. 1 at 4.51 percent, down from 4.53 a week ago, was also down from 5.55 percent a year ago.

The average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.49 percent, down more than a full percentage point from 4.79 percent a year ago.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Informa's National APR (annual percentage rates) numbers are tallied from a survey of 200 mortgage originators.

Informa also reported an average 6.05 percent fixed rate for 30-year, non-conforming jumbo loans, up a tad from 6.02 percent a week ago, but well off the 7.38 percent rate this time last year.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

For home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note, the variable rate came in at an average 4.98 percent, identical to the rate a week ago, but up slightly from 4.88 percent a year ago.

Also relatively unchanged were average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note. They came in at 7.61 percent, down from 7.63 percent last week and down from 8.06 percent a year ago, according to Informa's survey.