March 1, 2012 (Shirley Allen)
Interest rates on fixed rate mortgages declined slightly this week, hovering just above their all-time lows, while the 1-year Treasury-indexed adjustable rate mortgage fell to a new record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending March 1st.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell this week with the 30-year fixed rate averaging 3.90 percent with an average of 0.8 points, down from an average of 3.95 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.87 percent.
It was the 17th consecutive week that 30-year fixed mortgage rates have been four percent or less.
The 15-year fixed rate mortgage averaged 3.17 percent with an average of 0.8 points, down from last week’s average of 3.19 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.15 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 2.83 percent, up from last week’s average of 2.80 percent, with an average of 0.7 points. The 5-year adjustable rate mortgage averaged 3.72 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage fell to a new record low this week averaging 2.72 percent with an average of 0.6 points, down from an average of 2.73 percent a week ago, the previous record low for the 1-year ARM. A year ago, the 1-year adjustable rate mortgage averaged 3.23 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market. For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions. In addition, the Federal Reserve noted in its February 29th regional economic review (or Beige Book) that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.8||0.8||0.7||0.8||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.8||0.7||0.9||0.9|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.5||0.9||0.7|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.8||0.6||0.5||0.6||0.5|
|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|
|Fees & Points||0.7||0.7||0.6||0.6||0.8||0.8||0.7||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury