US Mortgage Rates Change Little Amid Positive Employment Report

Location: McLean
Author: Eileen Fitzpatrick
Date: Friday, April 8, 2011

Freddie Mac (OTC: FMCC) yesterday released the results of its Primary Mortgage Market Survey® (PMMS), which shows the 30-year fixed-rate inching upward for the third consecutive week to 4.87 percent but well below its average of 5.21 percent a year ago, the highest it had been since August 13, 2009.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.87 percent with an average 0.7 point for the week ending April 7, 2011, upfrom last week when it averaged 4.86 percent. Last year at this time, the 30-year FRM averaged 5.21 percent.

15-year FRM this week averaged 4.10 percent with an average 0.7 point, upfrom last week when it averaged 4.09 percent.A year ago at this time, the 15-year FRM averaged 4.52 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.6 point, up from last week when it averaged 3.70 percent. A year ago, the 5-year ARM averaged 4.25 percent.

1-year Treasury-indexed ARM averaged 3.22 percent this week with an average 0.7 point, downfrom last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.14 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.

"Mortgage rates were little changed after an encouraging employment report from the Bureau of Labor Statistics. The economy added 216,000 jobs in March and the unemployment rate fell for the fifth consecutive month to 8.8 percent marking the lowest rate in two years. Additionally, the private sector has gained 560,000 workers in the first quarter of this year, which represents the largest quarterly increase since the first quarter of 2006."

Although Freddie Mac attempts to provide reliable, useful information in this page, Freddie Mac does not guarantee that the information is accurate, current or suitable for any particular purpose. Estimates contained in this page are those of Freddie Mac currently and are subject to change without notice. © 2010 by Freddie Mac. Information from this page may be used with proper attribution.

To subscribe or visit go to: http://www.riskcenter.com