Skip to main content

Fixed-Rate Mortgages Dip Below Five Percent in Latest Freddie Mac Study

NationalMortgageProfessional.com
Feb 24, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows a drop in long-term fixed rates this week, as the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.6 point for the week ending Feb. 24, 2011, down from last week when it averaged five percent. Last year at this time, the 30-year FRM averaged 5.05 percent. "Fixed mortgage rates eased again this holiday week amid mixed inflation data reports," said Frank Nothaft, vice president and chief economist of Freddie Mac. "Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1 percent in the fourth quarter of 2010 compared to the same period in 2009, according to the S&P/Case-Shiller National Index. In addition, the level of the index was the lowest since the fourth quarter of 2002." The 15-year FRM this week averaged 4.22 percent with an average 0.7 point, down from last week when it averaged 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.8 percent this week, with an average 0.6 point, down from last week when it averaged 3.87 percent. A year ago, the 5-year ARM averaged 4.16 percent. The one-year Treasury-indexed ARM averaged 3.40 percent this week with an average 0.6 point, up from last week when it averaged 3.39 percent. At this time last year, the one-year ARM averaged 4.15 percent. "Low mortgage rates and home prices are sustaining affordability in the housing market," said Nothaft. "Existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months, the National Association of Realtors (NAR) reported; only the Northeast region experienced a slowdown in sales." For more information, visit www.freddiemac.com.
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021