Mortgage Rates Hold Steady from Previous Week

This week’s average mortgage interest rates showed little movement from the previous week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending March 7, 2013.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages remained at about the same levels as the previous week with the 30-year fixed rate increasing only one basis point this week to 3.52 percent with an average of 0.7 points. It was the 50th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.88 percent.

Average 30-year rates were generally the lowest in the North Central portion of the United States where mortgage rates averaged 3.50 percent while the highest rates were reported in the Southwestern and Southeastern areas of the country where interest rates averaged 3.55 percent.

The 15-year fixed rate mortgage remained at an average of 2.76 percent for the second consecutive week with an average of 0.7 points. Mortgage rates for the 15-year fixed mortgage have been under three percent for 41 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.13 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 2.63 percent, with an average of 0.5 points, up from 2.61 percent last week. The 5-year adjustable rate mortgage averaged 2.81 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.63 percent with an average of 0.3 points, down slightly from last week’s average of 2.64 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.73 percent.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.52 3.52 3.55 3.50 3.55 3.51
Fees & Points 0.7 0.7 0.7 0.7 0.8 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 2.76 2.77 2.79 2.73 2.80 2.74
Fees & Points 0.7 0.7 0.7 0.7 0.7 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.63 2.64 2.60 2.74 2.66 2.57
Fees & Points 0.5 0.5 0.6 0.3 0.5 0.4
Margin 2.75 2.76 2.75 2.75 2.77 2.72

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.63 2.73 2.62 2.65 2.57 2.58
Fees & Points 0.3 0.4 0.5 0.1 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 3.88 3.13 2.81 2.73 3.51 2.76 2.61 2.64
Fees & Points 0.8 0.8 0.7 0.6 0.8 0.8 0.6 0.4
Margin N/A N/A 2.74 2.76 N/A N/A 2.76 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