US 30-Year Fixed-Rate Mortgage Rates Rise to 5.05 Percent Highest
Level Since April 2010
Location: McLean
Author:
Eileen Fitzpatrick
Date: Monday, February 14, 2011
Freddie Mac (OTC: FMCC) today released the
results of its Primary Mortgage
Market Survey® (PMMS®) which shows long- and short-term rates rising
this week.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an
average 0.7 point for the week ending February 10, 2011, up from
last week when it averaged 4.81 percent. Last year at this time, the
30-year FRM averaged 4.97 percent.
-
15-year FRM this week averaged 4.29 percent with an average 0.7
point, up from last week when it averaged 4.08 percent. A year ago
at this time, the 15-year FRM averaged 4.34 percent.
-
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 3.92 percent this week, with an average 0.6 point, up from
last week when it averaged 3.69 percent. A year ago, the 5-year ARM
averaged 4.19 percent.
-
1-year Treasury-indexed ARM averaged 3.35 percent this week with
an average 0.6 point, up from last week when it averaged 3.26
percent. At this time last year, the 1-year ARM averaged 4.33
percent.
Average commitment rates should be reported along with average fees
and points to reflect the total cost of obtaining the mortgage.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "Long-term bond yields jumped on positive economic data reports,
which placed upward pressure on mortgage rates this week.
- "For all of 2010, nonfarm
productivity rose 3.6 percent, the most since 2002, while
January’s
unemployment rate unexpectedly fell from 9.4 percent to 9.0
percent. Moreover, the
service industry expanded in January at the fastest pace since
August 2005.
- "As a result, interest rates on a 30-year fixed-rate mortgage
rose to the highest level since the last week in April 2010."
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage
markets. Freddie Mac supports communities across the nation by providing
mortgage capital to lenders. Over the years, Freddie Mac has made home
possible for one in six homebuyers and more than five million renters.
Summary of Survey Results
Fixed-Rate Mortgages
|
|
Average Conventional
30-Year Commitment Rate
|
Fees & Points
|
Average Conventional
15-Year Commitment Rate
|
Fees & Points
|
US
|
5.05
|
0.7
|
4.29
|
0.7
|
Northeast
|
5.07
|
0.7
|
4.30
|
0.7
|
Southeast
|
4.99
|
0.9
|
4.28
|
0.9
|
N. Central
|
5.09
|
0.6
|
4.32
|
0.6
|
Southwest
|
5.06
|
0.6
|
4.35
|
0.6
|
West
|
5.02
|
0.8
|
4.26
|
0.7
|
Five/One-Year Adjustable-Rate Mortgages
|
|
First Commitment Rate
|
Fees & Points
|
Margin
|
US
|
3.92
|
0.6
|
2.75
|
Northeast
|
3.98
|
0.6
|
2.76
|
Southeast
|
3.72
|
0.8
|
2.75
|
N. Central
|
4.20
|
0.4
|
2.73
|
Southwest
|
3.89
|
0.6
|
2.79
|
West
|
3.80
|
0.7
|
2.73
|
One-Year Adjustable-Rate Mortgages
|
|
First Commitment Rate
|
Fees & Points
|
Margin
|
US
|
3.35
|
0.6
|
2.76
|
Northeast
|
3.54
|
0.6
|
2.79
|
Southeast
|
3.07
|
0.7
|
2.75
|
N. Central
|
3.64
|
0.3
|
2.72
|
Southwest
|
3.48
|
0.7
|
2.80
|
West
|
3.06
|
0.6
|
2.75
|
Freddie Mac Region
|
PMMS Weights
|
|
Northeast
|
27.1
|
|
Southeast
|
13.6
|
|
North Central
|
17.2
|
|
Southwest
|
12.8
|
|
West
|
29.3
|
|
|
|
|
|
|
|
|
|
Primary Mortgage Market Survey Results
February 10, 2011
30-Year Fixed Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
5.05
|
5.07
|
4.99
|
5.09
|
5.06
|
5.02
|
Fees & Points
|
0.7
|
0.7
|
0.9
|
0.6
|
0.6
|
0.8
|
15-Year Fixed Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
4.29
|
4.30
|
4.28
|
4.32
|
4.35
|
4.26
|
Fees & Points
|
0.7
|
0.7
|
0.9
|
0.6
|
0.6
|
0.7
|
5/1-Year Adjustable Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.92
|
3.98
|
3.72
|
4.20
|
3.89
|
3.80
|
Fees & Points
|
0.6
|
0.6
|
0.8
|
0.4
|
0.6
|
0.7
|
Margin
|
2.75
|
2.76
|
2.75
|
2.73
|
2.79
|
2.73
|
1-Year Adjustable Rate Mortgages
|
|
US
|
NE
|
SE
|
NC
|
SW
|
W
|
Average
|
3.35
|
3.54
|
3.07
|
3.64
|
3.48
|
3.06
|
Fees & Points
|
0.6
|
0.6
|
0.7
|
0.3
|
0.7
|
0.6
|
Margin
|
2.76
|
2.79
|
2.75
|
2.72
|
2.80
|
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
|
4.97
|
4.34
|
4.19
|
4.33
|
4.81
|
4.08
|
3.69
|
3.26
|
Fees & Points
|
0.7
|
0.6
|
0.6
|
0.6
|
0.8
|
0.8
|
0.7
|
0.6
|
Margin
|
N/A
|
N/A
|
2.73
|
2.76
|
N/A
|
N/A
|
2.74
|
2.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac's Primary Mortgage Market Survey
(PMMS) is for informational purposes only and Freddie Mac is not
responsible for business decisions made based on the reported results of
the PMMS. In general, the data presented were calculated from
information collected Monday through Wednesday of the same week that the
PMMS is released and may not reflect mortgage rates, fees or points
currently available from any lender. Freddie Mac may change the
methodology used to conduct the PMMS at any time and without notice.
To subscribe or visit go to:
http://www.riskcenter.com
|