Freddie Mac Weekly Mortgage Update: Rates Drop Slightly
30-Year Fixed-Rate Mortgage Drops Slightly
30-year fixed-rate mortgage: 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 fixed-rate mortgage:
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.
Five-year indexed hybrid adjustable-rate mortgages ARMs:
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 5.08 percent.
One-year Treasury-indexed ARMs:
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.
Freddie Sayz
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.
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nations 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.
