Mortgage Rates Virtually Unchanged From Last Week

July 21, 2011 (Shirley Allen)

Uninspiring economic data and continuing low Treasury yields left mortgage rates virtually unchanged from the previous week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS).

Fixed Rate Mortgages (FRM):

Thirty year and the 15 year FRMs both inched up only one basis point with the 30 year FRM averaging 4.52 percent with an average of 0.7 points, up from 4.51 percent reported the previous week. The 30 year FRM averaged 4.56 percent a year earlier.

The 15 year FRM increased to 3.66 percent this week from 3.65 percent reported the previous week with an average 0.7 points, down from 4.03 percent a year ago.

Adjustable Rate Mortgages (ARM):

ARM interest rates were mixed in the last week as the 5-year Treasury-indexed hybrid ARM averaged 3.27 percent, with an average of 0.6 points, which was down from 3.29 percent the previous week. The 5 year ARM averaged 3.79 percent a year earlier.

The 1-year Treasury-indexed ARM averaged 2.97 percent this week with an average of 0.5 points, up from 2.95 percent the previous week. A year ago, the 1 year ARM averaged 3.70 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan. The recent housing data also varied. For example, single-family housing starts jumped 9.4 percent in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8 percent in June and represented the fewest since November 2010.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.52 4.52 4.53 4.58 4.53 4.46
Fees & Points 0.7 0.7 0.9 0.6 0.6 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.66 3.66 3.68 3.70 3.72 3.61
Fees & Points 0.7 0.8 0.8 0.5 0.6 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.27 3.41 3.14 3.41 3.29 3.12
Fees & Points 0.5 0.5 0.8 0.3 0.5 0.6
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 2.97 3.15 2.81 3.16 2.92 2.78
Fees & Points 0.5 0.6 0.5 0.4 0.8 0.5
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 4.56   4.03   3.79   3.70   4.51   3.65   3.29   2.95  
Fees & Points 0.7   0.7   0.6   0.7   0.7   0.6   0.6   0.5  
Margin N/A N/A 2.74   2.77   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