Freddie Says: Mortgage Rates Steady

posted in: Community, Life Styles, Real Estate | 0

Posted By susanne

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely holding steady from the previous week, remaining near their 65-year record lows, and continuing to provide support for the housing recovery.

Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.7 point for the week ending March 7, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.

Additionally, the 15-year FRM this week averaged 2.76 percent with an average 0.7 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.13 percent.

The survey shows that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week with an average 0.5 point, up from last week when it averaged 2.61 percent. A year ago, the 5-year ARM averaged 2.81 percent.

The 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.3 point, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.73 percent. Continue reading…