Mortgage Rates Remain Below the Four Percent Mark for Second Consecutive Week

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) for the week ending April 5, 2012, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.7 point, down from last week when it averaged 3.99 percent. Last year at this time, the 30-year FRM averaged 4.87 percent. Rates remain below the four percent mark for the second consecutive week. The 15-year FRM averaged 3.21 percent for the week with an average 0.7 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.10 percent. "Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy," said Frank Nothaft, vice president and chief economist with Freddie Mac. "The final estimate of 2011 fourth quarter growth remained unchanged at three percent, representing the strongest pace since the second quarter of 2010. The March 13th policy committee minutes from the Federal Reserve noted that the housing market remained depressed and supported the continuation of the maturity extension program through June 2012, but did not announce any new stimulus action beyond that date." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent for the week, with an average 0.8 point, down from last week when it averaged 2.90 percent. Last year at this time, the five-year ARM averaged 3.72 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.78 percent, with an average 0.6 point, unchanged from last week when it averaged 2.78 percent. At this time last year, the one-year ARM averaged 3.22 percent.