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Mortgage Rates Reach 5.05 Percent, Highest Mark Since April 2010

NationalMortgageProfessional.com
Feb 10, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows long- and short-term rates rising this week. The 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. This week, the 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. “Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “For all of 2010, non-farm 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.” The five-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 five-year ARM averaged 4.19 percent. The one-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. “As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010,” said Nothaft. For more information, visit www.freddiemac.com.
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