30-Year US Fixed-Rate Mortgage Up Slightly for Second Week
Location: McLean
Author:
Eileen Fitzpatrick
Date: Friday, April 1, 2011
Freddie Mac
(OTC: FMCC) yesterday released the results of its
Primary Mortgage Market
Survey® (PMMS), which shows interest rates increasing slightly with
the 30-year fixed sitting at 4.86 percent, up five basis points from the
previous week.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 4.86 percent with an
average 0.7 point for the week ending March 31, 2011, upfrom last
week when it averaged 4.81 percent. Last year at this time, the
30-year FRM averaged 5.08 percent.
-
15-year FRM this week averaged 4.09 percent with an average 0.7
point, upfrom last week when it averaged 4.04 percent.A year ago at
this time, the 15-year FRM averaged 4.39 percent.
-
1-year Treasury-indexed ARM averaged 3.26 percent this week with
an average 0.6 point, upfrom last week when it averaged 3.21
percent. At this time last year, the 1-year ARM averaged 4.05
percent.
Average commitment rates should be reported along with average fees
and points to reflect the total cost of obtaining the mortgage. Visit
the following links for
Regional and National Mortgage Rate Details and
Definitions.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "Fixed mortgage rates rose slightly for a second week in a row,
but continue to remain quite low. Low rates have benefited from
relatively benign inflation reports. Inflation as measured by the
12-month growth in the core price index for
consumer spending, a metric preferred by the Federal Reserve, is
hovering near the lowest pace since 1960 when this data series
began.
- "Sales of distressed properties continue to place downward
pressure on house prices. In January, these homes accounted for 37
percent of existing home sales and rose to 39 percent in February,
based on figures from theNational
Association of Realtors®. House prices were down 3.1 percent in
January from the same month last year according to the
S&P/Case-Shiller® Home Price Indices."
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