Average US 30-Year Fixed-Rate Mortgage Up From All-Time Record Low
Location: McLean
Author: Eileen
Fitzpatrick
Date: Friday, February 24, 2012
Freddie Mac (OTC: FMCC) yesterday released the results of its
Primary Mortgage Market Survey® (PMMS), showing fixed mortgage rates
moving off their at- or-near record lows for the first time in three
weeks amid recent data showing the housing market continues to improve.
News Facts
30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an
average 0.8 point for the week ending February 23, 2012, up from last
week when it also averaged 3.87 percent. Last year at this time, the
30-year FRM averaged 4.95 percent.
15-year FRM this week averaged 3.19 percent with an average 0.8
point, up from last week when it also averaged 3.16 percent.A year ago
at this time, the 15-year FRM averaged 4.22 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.80 percent this week, with an average 0.7 point, down from
last week when it averaged 2.82 percent. A year ago, the 5-year ARM
averaged 3.80 percent.
1-year Treasury-indexed ARM averaged 2.73 percent this week with an
average 0.6 point, down from last week when it averaged 2.84 percent. At
this time last year, the 1-year ARM averaged 3.40 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.
"New data releases this week suggest the housing market is continuing to
gradually improve. Loans that were
seriously delinquent (90 days or more past due plus the foreclosure
inventory) fell to 5.3 percent of prime mortgages at the end of 2011,
representing the lowest quarterly share since the start of 2009,
according to the Mortgage Bankers Association. The Census Bureau
reported
new residential construction starts in January outpaced the market
consensus forecast, led by condominiums and apartment buildings, and
December's figures had upward revisions. Finally,
existing home sales were at the strongest pace in January since May
2010, according to the National Association of Realtors®"
To subscribe or visit go to:
http://www.riskcenter.com
|