Skip to main content

Fixed-Rate Mortgages Still Under Five Percent and Unchanged Over Last Week
Mar 10, 2011

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), which shows mortgage rates are holding steady and remain below the five percent mark, as the 30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending March 10, 2011, up from last week when rates averaged 4.87 percent. Last year at this time, the 30-year rate was at 4.95 percent. The 15-year FRM averaged 4.15 percent, with an average 0.7 point, identical to last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent. "Interest rates for 30-year fixed-rate mortgages have averaged at or below five percent in every week but one this year, contributing to record home affordability," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The National Association of Realtors (NAR) Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009.” The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the five-year ARM averaged 4.05 percent. The one-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. At this time last year, the one-year ARM averaged 4.22 percent. “Mortgage rates held steady amid a strong employment report," said Nothaft. "The private sector added 222,000 jobs in February, the most since March 2006, while the unemployment rate fell to 8.9 percent, the lowest share since April 2009."
Mar 10, 2011
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

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

Jan 26, 2023