Mortgage Rates Edge Downward

Mortgage interest rates edged downward slightly this week but remained near the same levels they’ve been at over the past month according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending February 28, 2013.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages fell slightly from the previous week with the 30-year fixed rate falling five basis points this week to 3.51 percent with an average of 0.8 points. It was the 49th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.90 percent.

Average 30-year rates were generally the lowest in the North Central portion of the United States where mortgage rates averaged 3.46 percent while the highest rates were reported in the Southwestern area of the country where interest rates averaged 3.56 percent.

The 15-year fixed rate mortgage fell to 2.76 percent with an average of 0.8 points from an average of 2.77 percent last week after remaining at that level for the previous three weeks. Mortgage rates for the 15-year fixed mortgage have been under three percent for 40 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.17 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages also fell this week with the 5-year Treasury-indexed hybrid ARM averaging 2.61 percent, with an average of 0.6 points, down from 2.64 percent last week. The 5-year adjustable rate mortgage averaged 2.83 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.64 percent with an average of 0.4 points, down from last week’s average of 2.65 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.72 percent.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.51 3.55 3.52 3.46 3.56 3.47
Fees & Points 0.8 0.8 0.8 0.9 0.8 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 2.76 2.80 2.78 2.70 2.80 2.72
Fees & Points 0.8 0.7 0.7 0.8 0.7 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.61 2.65 2.61 2.65 2.64 2.54
Fees & Points 0.6 0.6 0.6 0.5 0.6 0.5
Margin 2.76 2.78 2.75 2.75 2.77 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.64 2.73 2.62 2.71 2.57 2.58
Fees & Points 0.4 0.4 0.5 0.3 0.4 0.3
Margin 2.76 2.77 2.78 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 3.90 3.17 2.83 2.72 3.56 2.77 2.64 2.65
Fees & Points 0.8 0.8 0.7 0.6 0.8 0.8 0.5 0.4
Margin N/A N/A 2.74 2.76 N/A N/A 2.75 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

Reported by Shirley Allen