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Interest rates drop for 3rd consecutive week; remain at 3-month low

Dennis Norman

Dennis Norman

According to Freddie Macs weekly mortgage market survey the interest rate on home mortgages dropped for the third-consecutive week and remains at a three-month low in the US.

St. Louis is included in Freddie Mac’s Southwest Region in which the survey shows the interest rate on a 30 year fixed rate mortgage for the week ending September 17, 2009, averaged 5.05 percent with 0.6 percent in fees and points.

Freddie MacThe interest rate on a 15-year fixed rate mortgage averaged 4.54 percent with 0.5 percent in fees this week.  The interest rate on a five-year ARM averaged 4.47 percent with 0.5 percent in fees this week and the rate on a one-year ARM averaged 4.88 percent with 0.3 percent in fees.

“Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the National Association of Home Builder’s Housing Market Index.”

Freddie Mac Interest Rate Survey Results September 17, 2009

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