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by CareyBot

The average rate on a conventional, conforming 30-year fixed-rate mortgage fell to 5.16 percent with an average 0.7 point for the week ending Feb. 12, down from 5.25 percent last week and 5.72 percent a year ago, Freddie Mac said. Interest rates for 30-year fixed-rate mortgages are almost 1.5 percentage points below their 2008 peak, translating into a monthly payment savings of around $188 on a $200,000 mortgage, said Frank Nothaft, Freddie Mac vice president and chief economist. Nothaft said that with outstanding mortgages carrying an average rate of 6.2 percent, about 80 percent of mortgage applications in the last three months have been for refinancings. The Mortgage Bankers Association on Wednesday reported that despite falling rates, applications for mortgage loans for the ...