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02-17-2011, 11:39 AM
SAN FRANCISCO (MarketWatch) -- Freddie Mac said Thursday the 30-year fixed-rate mortgage average slipped to 5% with an average 0.7 point for the week ending Feb. 17. In the previous period, the average was 5.05%, and the year-ago average was 4.93%. "Fixed mortgage rates eased slightly this week and continue to be very affordable. Prior to 2009, interest rates for 30-year fixed-rate mortgages had never been at 5% since our survey began in April 1971," said Frank Nothaft, Freddie Mac chief economist, in a statement. Still, the housing market is struggling to recover despite low rates. "New construction on one-family homes dipped slightly in January to an annualized pace of 413,000 units, which was the fewest number since May 2009. In addition, homebuilder confidence didn't improve for the third consecutive month in February and remains near record lows, according the NAHB/Wells Fargo Housing Market Index," he added.
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