March 17, 2011 (Chris Moore)
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows rates edging slightly higher from the previous week influenced by inflationary and ongoing geopolitical concerns. Rates still at historically low levels.
- 30-year fixed-rate mortgage (FRM) averaged 4.81 percent with an average 0.7 point for the week ending March 24, 2011, up from last week when it averaged 4.76 percent. Last year at this time, the 30-year FRM averaged 4.99 percent.
- 15-year FRM this week averaged 4.04 percent with an average 0.7 point, up from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week, with an average 0.6 point, up from last week when it averaged 3.57 percent. A year ago, the 5-year ARM averaged 4.14 percent.
- 1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.6 point, up from last week when it averaged 3.17 percent. At this time last year, the 1-year ARM averaged 4.2 percent.
Frank Nothaft, vice president and chief economist, Freddie Mac, stated, “Mortgage rates were up this week compared to last, but still remain at relatively low levels. The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns. The 12-month growth rate in the consumer price index rose 2.1 percent in February, compared to 1.6 percent in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1 percent, slightly up from 1.0 percent in January.”
“The housing market recovery experienced a setback during the start of this year. Existing home sales fell 9.6 percent from January to February and were down 2.8 percent from February 2010. Sales of new homes declined for the second consecutive month in February to record lows dating back to 1963. Even new construction on one-family homes fell 11.8 percent in February to the third slowest pace since 1959.”
|30-Yr FRM||15-Yr FRM||5/1-Yr ARM||1-Yr ARM|
|Average Rates||4.81 %||4.04 %||3.62 %||3.21 %|
|Fees & Points||0.7||0.7||0.6||0.6|
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|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|
|Fees & Points||0.7||0.7||0.8||0.5||0.6||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.4||0.6||0.8|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.3||0.8||0.7|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates