McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS), which shows mortgage rates holding steady and below 5.0 percent.
30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.
15-year FRM this week averaged 4.15 percent with an average 0.7 point, the same from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.05 percent.
1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. At this time last year, the 1-year ARM averaged 4.22 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, reports, “Mortgage rates held steady amid a strong employment report . The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009.”
“Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors®Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009.”
Published: March 11, 2011 by Realty Times