Newspaper article THE JOURNAL RECORD

Oklahoma City Area Mortgage Rate Averages Decline

Newspaper article THE JOURNAL RECORD

Oklahoma City Area Mortgage Rate Averages Decline

Article excerpt

Mortgage rate averages in the Oklahoma City area continued their decline this week and remain near the lowest level seen in the past year, according to surveys conducted by the Oklahoma City Mortgage Bankers Association.

The surveys also show that rate averages in the metro area have now declined for 13 of the past 17 weeks.

The 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, all lenders cited a rate of 6.5 percent.

The only time rates have been lower in the past year occurred during the first two weeks of November 2001, when surveys showed averages of 6.393 percent and 6.482 percent.

Last week's average was 6.518 percent. The average one month (four weeks) ago was 6.609 percent. The average one quarter (13 weeks) ago was 7.036 percent.

The average six months (26 weeks) ago was 7.011 percent. The year- ago survey, released July 21, 2001, showed an average rate of 7.188 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 6.125 percent, the lowest rate cited was 5.875 percent, and the average was 6.0 percent.

That represented a slight increased from last week's average of 5.982 percent. The average one month ago was 6.076 percent. The average one-quarter (13 weeks) ago was 6.536 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 6.75 percent, the lowest rate cited was 6.625 percent, the lowest rate cited was 6.5 percent, and the average was 6.525 percent.

Last week's average was 6.536 percent. The average one month ago was 6.607 percent. The average one quarter (13 weeks) ago was 7. …

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