MCLEAN, VA--(Marketwire - Mar 28, 2013) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving slightly higher for the week but still remaining near historic lows. The average 30-year fixed-rate mortgage has remained below 4 percent for over a year providing support to the ongoing housing recovery.
- 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.8 point for the week ending March 28, 2013, up from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.99 percent.
- 15-year FRM this week averaged 2.76 percent with an average 0.7 point, up from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent this week with an average 0.6 point, up from last week when it averaged 2.61 percent. A year ago, the 5-year ARM averaged 2.90 percent.
- 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.78 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 the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Low and relatively steady mortgage rates are invigorating the housing market. For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. This strong demand helped push the S&P/Case-Shiller® 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to The Conference Board."
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. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.