Daily Financial News - Mortgage | Real Estate | Stock Market

Rates Lower in Week Ending October 8, 2009 - Mortgage rates just keep going down according to data released this week by both Fannie Mae and Freddie Mac.

Freddie Mac's Primary Mortgage Market Survey for the week ended October 8 showed an average rate for the 30-year fixed-rate mortgage (FRM) of 4.87 percent with 0.7 point. During the previous week the average was 4.94 percent also with 0.7 point. This is the lowest the 30-year rate has been since the week ended May 21 when it averaged 4.82 percent.

The 15-year FRM set yet another record this week with a rate that averaged 4.33 percent with 0.7 point. Last week the average was 4.36 percent with 0.6 point. This is the fourth consecutive week that the 15-year has reached new lows for the 15 years Freddie Mac has tracked the mortgage.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also set a new record low at 4.35 percent with 0.5 point, down from 4.42 percent with 0.6 point. Freddie Mac first started reporting on weekly averages for the hybrid in January, 2005.

One-year Treasury-indexed ARMs averaged 4.53 percent, an increase from last week when it averaged 4.49 percent. Fees and points were unchanged at 0.5 point.

Stocks Higher After Jobless Claims Data - The day’s data was mixed but sentiment continues to run high on Wall Street after third-quarter earnings posted after the bell yesterday beat expectations. This morning, jobless claims moderated more than forecasts and wholesale trade data showed businesses were continuing to cut back on inventories at record rates.

Weekly claims for unemployment benefits fell 33k to 521,000 in the week ending October 3, the lowest level since early January. The report easily beat forecasts for 540k new claims, and drove the 4-week average down to 540k, the lowest since mid-January.