Area mortgage rates hit year's third-lowest average

Journal Record, The (Oklahoma City), Jul 12, 2002

OKLAHOMA CITY (JR) -- Mortgage rate averages in the Oklahoma City area declined again this week, hitting the third-lowest average seen in the past year, based on surveys conducted by the Oklahoma City Mortgage Bankers Association.

Last week's average was the fourth-lowest of the past year. The surveys show that rate averages in the metro area have now declined for 12 of the past 16 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, the highest rate cited was 6.75 percent, the lowest rate cited was 6.375 percent, and the average was 6.518 percent.

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

Last week's average was 6.571 percent. The average one month (four weeks) ago was 6.750 percent. The average one quarter (13 weeks) ago was 7.097 percent.

The average six months (26 weeks) ago was 7.031 percent. The year- ago survey, released July 14, 2001, showed an average rate of 7.35 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 5.982 percent.

The average last week was 6.089 percent. The average one month ago was 6.188 percent. The average one quarter (13 weeks) ago was 6.639 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 6.5 percent, and the average was 6.536 percent.

Last week's average was 6.583 percent. The average one month ago was 6.813 percent. The average one quarter (13 weeks) ago was 7.139 percent.

The second half of 2001 was marked by steady declines in mortgage rates from the beginning of July to the first of November. During that period, rate averages for 30-year conventional fixed-rate mortgages fell from 7.464 percent to 6.393 percent.

Rates jumped above 7 percent at the end of November 2001 and remained there through the first week of February. Rate averages then fell below 7 percent and remained there until the March 15 survey. Rates briefly jumped back up above 7 percent for six weeks and then fell below 7 percent in mid-April, where they have remained.

The Oklahoma City Mortgage Bankers Association is comprised of 30 members, including 10 non-voting associate members who are not mortgage bankers, but represent title companies, appraisers, and other companies within the mortgage industry.

Association members who have participated in the survey include American Capital Mortgage, Arvest Mortgage, Bank of America, BOk Mortgage, Corinthian Mortgage, First National Bank of Edmond, GMAC Mortgage, Harry Mortgage, Holliday American Mortgage, McClain County National Bank, MidFirst Bank, Quail Creek Bank, Spiritbank Mortgage, Temple Inland Mortgage, Universal Mortgage, Wells Fargo Home Mortgage and WEOKIE Credit Union.

Nationally, rates for 30-year and 15-year mortgages edged down this week, while rates for one-year adjustable rate mortgages moved higher.

Freddie Mac, the mortgage company, reported Thursday that the average interest rate on 30-year fixed-rate mortgages fell to 6.54 percent this week, down from 6.57 percent the previous week. A year ago this time, 30-year mortgages averaged 7.21 percent.

In early November, rates on 30-year mortgages dropped to 6.45 percent, their lowest point since Freddie Mac began conducting its survey in 1971.