Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent. The 15-year FRM this week averaged 4.32 percent with an average 0.7 point, down from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 4.64 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.05 percent this week,
with an average 0.6 point, down from last week when it averaged 4.11 percent. A year ago, the five-year ARM averaged 4.99 percent.
The one-year Treasury-indexed ARM averaged 4.22 percent this week with an average 0.6 point, down from last week when it averaged 4.27 percent. At this time last year, the one-year ARM averaged 4.80 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.
“During a light week of mixed economic reports, mortgage rates eased somewhat,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Pending existing home sales fell 7.6 percent in January, well below the market consensus of a one percent gain. Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7 percent. In addition, revisions added a net 35,000 workers to January and December combined.”
For more information, visit www.freddiemac.com.