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Baltimore mortgage rates mostly fell this week, with short-term adjustable-rate mortgage again hitting record lows, although the average on 30-year, fixed-rate mortgages edged up for the third straight week, according to Freddie Mac‘s weekly survey.

The short-term rates Freddie tracks—for five-year and one-year Treasury-indexed hybrid adjustable-rate mortgages—hit the lowest levels since the mortgage financier began tracking them in January 2005 and January 1984, respectively.

Rates have been slumping for months, setting record lows in the process, as yields on Treasurys slid amid economic uncertainty. Mortgage rates generally track yields, which move inversely to Treasury prices.

The 30-year fixed-rate mortgage averaged 4.24 percent for the week ended Thursday, up from the prior week’s 4.23 percent average but down from 4.98 percent a year ago. The average for 15-year fixed was 3.63 percent, down from 3.66 percent and 4.40 percent, respectively.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.39 percent, down from the prior week’s 3.41 percent and 4.35 percent a year earlier. One-year Treasury-indexed ARMs were 3.26 percent, dropping from 3.3 percent last week and 4.47 percent a year ago.

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Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage rate rose slightly for the second consecutive time in six weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM set another low, and the 1-year ARM tied last week’s low.

30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.8 point for the week ending October 28, 2010, up from last week when it averaged 4.21 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.

15-year FRM this week averaged 3.66 percent with an average 0.7 point, up from last week when it averaged 3.64 percent. A year ago at this time, the 15-year FRM averaged 4.46 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.6 point, down from last week when it averaged 3.45 percent. A year ago, the 5-year ARM averaged 4.42 percent. The 5-year ARM has not been lower since Freddie Mac started tracking it in January 2005.

1-year Treasury-indexed ARM averaged 3.30 percent this week with an average 0.7 point, unchanged from last week. At this time last year, the 1-year ARM averaged 4.57 percent . The 1-year ARM ties last week’s low.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Mixed economic data releases left mortgage rates little changed this week. Consumer confidence increased slightly in October, according to The Conference Board , but still remains at low levels. Based on the S&P/Case-Shiller 20-city composite index, house prices fell 0.3 percent between July and August, while the purchase-only index by the Federal Housing Finance Agency showed a 0.4 percent gain over the same period.”

“Historically low rates are supporting home sales and reducing the excess stock of homes available for sale. Existing home sales, including condominiums and co-ops, rose for the second consecutive month in September, up almost 18.0 percent over July’s low. Similarly, sales of new homes had back-to-back increases and were 7.7 percent above July. The inventory of new homes for sale has either stayed the same or declined every month of this year.”

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Baltimore mortgage rates dropped again last week, the 10th time in the last 13 weeks that rates have fallen, tying a record low. It seems that the lackluster economy is now the only thing keeping people from taking advantage of them.

The benchmark 30-year fixed-rate mortgage fell 3 basis points this week, to 4.74 percent, according a national survey of large lenders. One basis point is equal to one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.39 discount and origination points. One year ago, the rate stood at 5.55 percent.  Just four weeks ago it was 4.81 percent.

The benchmark 15-year fixed-rate mortgage dropped 5 basis points to 4.18 percent. The benchmark 5/1 adjustable-rate mortgage fell 6 basis points, to 4.06 percent. Also sinking was the average jumbo 30-year fixed, which fell 7 basis points, to an all-time low of 5.43 percent.

In the 25-year history of the weekly mortgage rate survey, this week’s 30-year mark of 4.74 percent ties the record low, which was set the week of July 7.

The 15-year fixed also tied a record low set on July 7, while the 5/1 ARM and the 30-year jumbo hit new lows.

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