US 30-Year Fixed-Rate Mortgage Ticks Down to 3.98 Percent
Location: McLean
Author: Eileen
Fitzpatrick
Date: Monday, April 9, 2012
Freddie Mac (OTC: FMCC) last week released the results of its
Primary Mortgage Market Survey (PMMS), showing average mortgage
rates changing little from the previous week with the average 30-year
fixed-rate mortgage remaining just below 4.00 percent for the second
consecutive week.
News Facts
30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an
average 0.7 point for the week ending April 5, 2012, down from last week
when it averaged 3.99 percent. Last year at this time, the 30-year FRM
averaged 4.87 percent.
15-year FRM this week averaged 3.21 percent with an average 0.7
point, down from last week when it averaged 3.23 percent.A year ago at
this time, the 15-year FRM averaged 4.10 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.86 percent this week, with an average 0.8 point, down from
last week when it averaged 2.90 percent. A year ago, the 5-year ARM
averaged 3.72 percent.
1-year Treasury-indexed ARM averaged 2.78 percent this week with an
average 0.6 point, unchanged from last week when it averaged 2.78
percent. At this time last year, the 1-year ARM averaged 3.22 percent.
Average commitment rates should be reported along with average fees and
points to reflect the total upfront cost of obtaining the mortgage.
Visit the following links for
Regional and National Mortgage Rate Details and
Definitions. Borrowers may still pay closing costs which are not
included in the survey.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie
Mac.
"Average weekly mortgage rates were little changed this week amid mixed
signals on the health of the economy. The final
estimate of 2011 fourth quarter growth remained unchanged at 3
percent, representing the strongest pace since the second quarter of
2010. The March 13th policy committee
minutes from the Federal Reserve noted that the housing market
remained depressed and supported the continuation of the maturity
extension program through June 2012, but did not announce any new
stimulus action beyond that date."
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