Mortgage Rates Drop Slightly in Freddie Mac Weekly Survey
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS)�in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent.�Last year at this time, the 30-year FRM averaged 5.03 percent.
The 15-year FRM this week averaged 4.32 percent with an average 0.7 point, down from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 4.64 percent.�
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.05 percent this week, with an average 0.6 point, down from last week when it averaged 4.11 percent.�A year ago, the 5-year ARM averaged 4.99 percent.�
The 1-year Treasury-indexed ARM averaged 4.22 percent this week with an average 0.6 point, down from last week when it averaged 4.27 percent.�At this time last year, the 1-year ARM averaged 4.80 percent.�
"During a light week of mixed economic reports, mortgage rates eased somewhat," said Frank Nothaft, Freddie Mac vice president and chief economist.�"Pending existing home sales fell 7.6 percent in January, well below the market consensus of a 1 percent gain.�Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7 percent. In addition, revisions added a net 35,000 workers to January and December combined."
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Source: Realty Times
Last Updated: 03/19/2010 12:30 AM CDT
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