Freddie Mac has announced the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates unchanged from the previous week, as the 30-year fixed-rate mortgage (FRM) averaged 3.53 percent with an average 0.8 point for the week ending Feb. 14. Last year at this time, the 30-year FRM averaged 3.87 percent. Also this week, the 15-year FRM this week averaged 2.77 percent with an average 0.8 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.16 percent.
"Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets. The median sales price of existing homes rose 10 percent between fourth quarter 2011 and 2012, the largest year-over-year gain in seven years,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “Among large metropolitan areas, 88 percent saw positive annual increases in the fourth quarter, compared to 81 percent in the third quarter and 75 percent in the second. The largest gains occurred in Phoenix (34 percent), Detroit (31 percent) and San Francisco (28 percent)."
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent this week with an average 0.6 point, up from last week when it averaged 2.63 percent. A year ago, the five-year ARM averaged 2.82 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.61 percent with an average 0.3 point, up from last week when it averaged 2.53 percent. At this time last year, the one-year ARM averaged 2.84 percent.