Mortgage Rates Remain Unchanged for the Week at the 3.87 Percent Mark

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates unchanged amid mixed consumer sentiment data as the average 30-year fixed-rate mortgage (FRM) has been at its all-time record-breaking low of 3.87 percent since the first week of February, below the four percent mark percent for the past 11 weeks, and below the percent for the past 52 weeks dating back to the Feb. 17, 2011 release of the PMMS. The 15-year FRM averaged 3.16 percent for the week, with an average 0.8 point, matching the previous week when it also averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.27 percent. "Fixed mortgage rates were unchanged this week amid mixed confidence measures," said Frank Nothaft, vice president and chief economist, Freddie Mac. "Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast breaking a five month trend." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.8 point, down from last week when it averaged 2.83 percent. A year ago, the five-year ARM averaged 3.87 percent.  "In the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index," said Nothaft. The one-year Treasury-indexed ARM averaged 2.84 percent this week with an average 0.6 point, up from last week when it averaged 2.78 percent. At this time last year, the one-year ARM averaged 3.39 percent.