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Freddie Mac PMMS finds rates average nearly five percent for the week
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.96 percent with an average 0.7 point for the week ending March 18, 2010, up slightly from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.98 percent. The 15-year FRM this week averaged 4.33 percent with an average 0.6 point, up slightly from last week when it averaged 4.32 percent. A year ago at this time, the 15-year FRM averaged 4.61 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.09 percent this week, with an average 0.6 point, up from last week when it averaged 4.05 percent. A year ago, the five-year ARM averaged 4.98 percent.
The one-year Treasury-indexed ARM averaged 4.12 percent this week with an average 0.6 point, down from last week when it averaged 4.22 percent. At this time last year, the one-year ARM averaged 4.91 percent. Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.
“Mortgage rates for fixed-rate mortgages were virtually unchanged this week as the effects of the prior storms emerged in recent housing data,” said Frank Nothaft, Freddie Mac vice president and chief economist. “New construction slowed by 5.9 percent in February to 575,000 homes. Both the South and Northeast regions had all the declines due to the snow storms. In addition, homebuilder confidence unexpectedly dipped in March according to the NAHB/Wells Fargo Housing Market Index. With house prices starting to stabilize and even rise, homeowners on aggregate are slowly building back equity in their homes based on figures from the Federal Reserve Board. After losing almost $7.9 trillion in home equity since the end of 2006, homeowners regained almost $1.1 trillion over the past three quarters ending in 2009.”
For more information, visit www.freddiemac.com.
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