Thirty-Year Fixed Mortgage Rates Rise After Three Weeks at Record Low

February 23, 2012 (Shirley Allen)

Thirty-year fixed rate mortgages edged up this week after a three week stay at its record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending February 23rd.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages climbed this week with the 30-year fixed rate averaging 3.95 percent with an average of 0.8 points, up from an average of 3.87 percent over the last three weeks. A year ago, the 30-year fixed rate mortgage averaged 4.95 percent.

It was the 16th consecutive week that 30-year fixed mortgage rates have been four percent or less.

The 15-year fixed rate mortgage averaged 3.19 percent with an average of 0.8 points, up from last week’s average of 3.16 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.22 percent.

Adjustable Rate Mortgages:

Conversely, interest rates for adjustable mortgages fell this week with the 5-year Treasury-indexed hybrid ARM averaging 2.80 percent, down from last week’s average of 2.82 percent, with an average of 0.7 points. The 5-year adjustable rate mortgage averaged 3.80 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage also declined this week averaging 2.73 percent with an average of 0.6 points, down from an average of 2.84 percent a week ago. A year ago, the 1-year adjustable rate mortgage averaged 3.40 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “New data releases this week suggest the housing market is continuing to gradually improve. Loans that were seriously delinquent (90 days or more past due plus the foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of 2011, representing the lowest quarterly share since the start of 2009, according to the Mortgage Bankers Association. The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December’s figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May 2010, according to the National Association of Realtors®”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.95 3.95 3.97 3.95 3.97 3.91
Fees & Points 0.8 0.8 0.8 0.8 0.9 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.19 3.20 3.19 3.19 3.24 3.14
Fees & Points 0.8 0.7 0.8 0.7 0.8 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.80 2.79 2.80 2.94 2.71 2.74
Fees & Points 0.7 0.9 0.7 0.5 0.9 0.7
Margin 2.74 2.74 2.75 2.73 2.76 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.73 2.80 2.61 2.90 2.64 2.64
Fees & Points 0.6 0.8 0.6 0.5 0.6 0.5
Margin 2.76 2.78 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 4.95   4.22   3.80   3.40   3.87   3.16   2.82   2.84  
Fees & Points 0.6   0.7   0.6   0.6   0.8   0.8   0.8   0.6  
Margin N/A N/A 2.74   2.76   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