MCLEAN, Va., March 15, 2012 /PRNewswire/ -- Freddie Mac (OTC:
FMCC) today released the results of its Primary Mortgage Market
Survey® (PMMS®), showing mortgage rates
moving higher amid positive jobs data and increasing bond yields.
Despite the increase, the average 30-year fixed rate mortgage has
been below 4.00 percent for 15 consecutive weeks helping to keep
homebuyer affordability high.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an
average 0.8 point for the week ending March
15, 2012, up from last week when it averaged 3.88 percent.
Last year at this time, the 30-year FRM averaged 4.76
percent.
- 15-year FRM this week averaged 3.16 percent with an average 0.8
point, up from last week when it averaged 3.13 percent. A year ago
at this time, the 15-year FRM averaged 3.97 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM)
averaged 2.83 percent this week, with an average 0.8 point, up from
last week when it averaged 2.81 percent. A year ago, the 5-year ARM
averaged 3.57 percent.
- 1-year Treasury-indexed ARM averaged 2.79 percent this week
with an average 0.6 point, up from last week when it averaged 2.73
percent. At this time last year, the 1-year ARM averaged 3.17
percent.
Average commitment rates should be reported along with average
fees and points to reflect the total upfront cost of obtaining the
mortgage. Visit the following links for Regional and National
Mortgage Rate Details and Definitions. Borrowers may still pay
closing costs which are not included in the survey.
Quotes
Attributed to Frank Nothaft,
vice president and chief economist, Freddie Mac.
- "An upbeat employment report for February caused U.S. Treasury
bond yields to increase over the week and mortgage rates followed.
The economy gained 227,000 jobs, above the market consensus
forecast, and revisions added another 61,000 to January and
December. Job growth over the last six months was the
strongest since 2006. In addition, the Federal Reserve's
March 13th policy committee
announcement noted that it anticipates the unemployment rate will
decline gradually toward levels that it judges to be consistent
with its mandate to achieve maximum employment with stable prices
and moderate long-term interest rates."
Get the latest information from Freddie Mac's Office of the
Chief Economist on Twitter:@FreddieMac
Freddie Mac was established by Congress in 1970 to provide
liquidity, stability and affordability to the nation's residential
mortgage markets. Freddie Mac supports communities across the
nation by providing mortgage capital to lenders. Over the years,
Freddie Mac has made home possible for one in six homebuyers and
more than five million renters.
SOURCE Freddie Mac