30-Year Fixed Remains at Record Low for Third Consecutive Week

February 16, 2012 (Shirley Allen)

Mortgage interest rates for fixed rate mortgages remained unchanged from last week with the 30-year fixed rate mortgage holding on to its record low for the third consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending February 16th.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages remained unchanged from last week with the 30-year fixed rate mortgage remaining at its all-time low average of 3.87 percent for the third consecutive week with an average of 0.8 points. A year ago, the 30-year fixed rate mortgage averaged 5.00 percent.

It was the 15th consecutive week that 30-year fixed mortgage rates have been four percent or less.

The 15-year fixed rate mortgage also remained unchanged from last week averaging 3.16 percent with an average of 0.8 points. At this time last year, the 15-year fixed rate mortgage averaged 4.27 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 2.82 percent, down slightly from last week’s average of 2.83 percent, with an average of 0.8 points. The 5-year adjustable rate mortgage averaged 3.87 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage increased slightly this week averaging 2.84 percent with an average of 0.6 points, up from an average of 2.78 percent a week ago. A year ago, the 1-year adjustable rate mortgage averaged 3.39 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates were unchanged this week amid mixed confidence measures. Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast breaking a five month trend. In the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.87 3.88 3.89 3.90 3.91 3.83
Fees & Points 0.8 0.8 0.9 0.9 0.8 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.16 3.17 3.16 3.15 3.22 3.13
Fees & Points 0.8 0.7 0.9 0.8 0.8 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.82 2.81 2.90 2.90 2.68 2.80
Fees & Points 0.8 0.8 0.7 0.9 0.9 0.6
Margin 2.74 2.76 2.75 2.73 2.76 2.73

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.84 2.90 2.63 3.15 2.66 2.75
Fees & Points 0.6 0.9 0.6 0.6 0.6 0.4
Margin 2.76 2.81 2.75 2.73 2.77 2.75

The National Mortgage Rate Snapshot One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 5.00   4.27   3.87   3.39   3.87   3.16   2.83   2.78  
Fees & Points 0.7   0.7   0.6   0.6   0.8   0.7   0.7   0.6  
Margin N/A N/A 2.75   2.76   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac