Mortgage Interest Rates Little Changed From Last Week

April 7, 2011 (Shirley Allen)
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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows the 30-year fixed-rate inching upward for the third consecutive week to 4.87 percent but well below its average of 5.21 percent a year ago, the highest it had been since August 13, 2009. For the last two months, mortgage interest rates have only fluctuated by 0.30 percent.

  • 30-year fixed-rate mortgage (FRM) averaged 4.87 percent with an average 0.7 point for the week ending April 7, 2011, up from last week when it averaged 4.86 percent. Last year at this time, the 30-year FRM averaged 5.21 percent.  
  • 15-year FRM this week averaged 4.10 percent with an average 0.7 point, up from last week when it averaged 4.09 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.6 point, up from last week when it averaged 3.70 percent. A year ago, the 5-year ARM averaged 4.25 percent.
  • 1-year Treasury-indexed ARM averaged 3.22 percent this week with an average 0.7 point, down from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.14 percent.  

Frank Nothaft, vice president and chief economist, Freddie Mac, stated, “Mortgage rates were little changed after an encouraging employment report from the Bureau of Labor Statistics. The economy added 216,000 jobs in March and the unemployment rate fell for the fifth consecutive month to 8.8 percent marking the lowest rate in two years. Additionally, the private sector has gained 560,000 workers in the first quarter of this year, which represents the largest quarterly increase since the first quarter of 2006.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.87 4.88 4.85 4.91 4.91 4.84
Fees & Points 0.7 0.7 0.8 0.6 0.6 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.10 4.12 4.12 4.09 4.19 4.04
Fees & Points 0.7 0.7 0.8 0.6 0.6 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.72 3.87 3.59 3.75 3.70 3.62
Fees & Points 0.6 0.6 0.8 0.4 0.7 0.8
Margin 2.74 2.74 2.75 2.72 2.76 2.73

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.22 3.34 3.05 3.50 3.19 3.04
Fees & Points 0.7 0.6 0.7 0.5 0.9 0.7
Margin 2.76 2.80 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 5.21   4.52   4.25   4.14   4.86   4.09   3.70   3.26  
Fees & Points 0.6   0.6   0.6   0.5   0.7   0.7   0.7   0.6  
Margin N/A N/A 2.75   2.75   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates