Skip to main content

Freddie Mac Survey Finds 0.8 Percent Drop in Rates Over Last Week

NationalMortgageProfessional.com
Mar 03, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows a slight drop of 0.8 percent in long-term fixed rates for the third consecutive week, as the 30-year fixed-rate mortgage (FRM) came in at 4.87 percent with an average 0.7 point for the week ending March 3, 2011, down from last week when it averaged 4.95 percent. At this time last year, the 30-year FRM averaged 4.97 percent. "Mortgage rates saw an overall improvement this week. Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year's high set just three weeks ago," said Frank Nothaft, vice president and chief economist, Freddie Mac. "This means that homebuyers could now expect to pay $263 less per year on a $200,000 loan." The 15-year FRM this week averaged 4.15 percent with an average 0.7 point, down from last week when it averaged 4.22 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.   The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 percent this week, with an average 0.6 point, down from last week when it averaged 3.8 percent. A year ago, the five-year ARM averaged 4.11 percent. The one-year Treasury-indexed ARM averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.4 percent. At this time last year, the one-year ARM averaged 4.27 percent. "However, housing demand still remains weak. New home sales in January were near record lows dating back to 1963 when the data began, according to the Census Bureau," said Nothaft. "Similarly, pending sales of existing homes fell for the second consecutive month in January, according to the National Association of Realtors." For more information, visit www.freddiemac.com.
Published
Mar 03, 2011
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Industry News
Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Industry News
Jan 26, 2023
Housing Prices Across Texas Likely Hobbled In 2023

But you’re getting a lot less for $1 million

Industry News
Jan 23, 2023
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Operations
Jan 09, 2023