Weekly Mortgage Rates Dip Again
The average interest rate for 30-year fixed-rate mortgages (FRMs) was down in two weekly surveys. Freddie Mac’s (FRE) weekly survey put the average rate for a 30-year FRM at 4.95% with an average 0.7 origination point for the week ending March 11, down from the previous week when it was 4.97%. A year ago, Freddie’s survey averaged 5.03%. In the Bankrate.com weekly survey of large banks and thrifts, the average rate for a 30-year FRM was 5.08% with an average 0.42 point for the week, a new low for 2010. “During a light week of mixed economic reports, mortgage rates eased somewhat,” said Freddie Mac vice president and chief economist Frank Nothaft. “Pending existing home sales fell 7.6% in January, well below the market consensus of a 1% gain." Nothaft added: “Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7%. In addition, revisions added a net 35,000 workers to January and December combined.” Freddie said the 15-year FRM averaged 4.32% with an average 0.7 point, down from last week’s average of 4.33%. Last year, Freddie’s survey put the 15-year FRM at 4.64%. Bankrate.com said the average rate for the 15-year FRM was 4.43% with an average 0.42 point, down from 4.46% last week. Freddie said the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.05% with an average 0.6 point, down from last week when it averaged 4.11%. Freddie also said the one-year ARM averaged 4.22% with an average 0.6 point, down from last week’s average of 4.27%. Bankrate.com put the five-year ARM at 4.47% with an average 0.42 point, up from last week’s average of 4.46%. Write to Austin Kilgore. The author held no relevant investments.