Newspaper article THE JOURNAL RECORD

Metro Area Mortgage Rates Lowest since March 2001

Newspaper article THE JOURNAL RECORD

Metro Area Mortgage Rates Lowest since March 2001

Article excerpt

OKLAHOMA CITY (JR) -- Mortgage rates averages in the Oklahoma City area are at the lowest level seen since The Journal Record and the Oklahoma City Mortgage Bankers Association began tracking local averages in March 2001.

Nationally, rates for 30-year mortgages dipped to a new low this week, providing even more fuel for the mortgage refinancing boom.

The Oklahoma City Mortgage Bankers Association survey this week showed that for a 30-year conventional fixed-rate mortgage, $100,000, 60-day lock, with no discount points or origin fee, the highest rate cited was 6.5 percent, the lowest rate cited was 6.125 percent, and the average was 6.3 percent.

The previous low was recorded the week of Nov. 1, 2001, when the average hit 6.393 percent. Rate averages have now declined for 15 of the last 20 weeks, according to survey results.

Last week's average was 6.425 percent. The average one month (four weeks) ago was 6.5 percent. The average one quarter (13 weeks) ago was 6.921 percent.

The average six months (26 weeks) ago was 6.958 percent. The year- ago survey, released Aug. 17, 2001, showed an average of 7.05 percent.

This week's figures for 15-year conventional fixed-rate mortgages, $100,000, 60-day lock, no discount points or origin fee, showed the highest rate cited was 5.875 percent, the lowest rate cited was 5.625 percent, and the average was 5.75 percent.

Last week's average was 5.825 percent. The average one month ago was 6 percent. The average one quarter (13 weeks) ago was 6.428 percent.

For a 30-year FHA fixed-rate mortgage, $75,000, 60-day lock, no discount points or origin fee, the highest rate cited was 6.5 percent, the lowest rate cited was 6.25 percent, and the average was 5.125 percent. Last week's average was 6.475 percent. The average one month ago was 6.525 percent. The average one quarter (13 weeks) ago was 6.964 percent.

The second half of 2001 was marked by steady declines in mortgage rates from the beginning of July to the first of November. …

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