Average 30-Year Fixed-Rate Mortgage Up From All-Time Record Low
In Freddie Mac's
results of its Primary Mortgage Market Survey® (PMMS®), fixed mortgage rates
moved off their at- or-near record lows for the first time in three weeks amid
recent data showing the housing market continues to improve.
·
30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average
0.8 point for the week ending February 23, 2012, up from last week when it also
averaged 3.87 percent. Last year at this time, the 30-year FRM averaged 4.95
percent.
·
15-year FRM this week averaged 3.19 percent with an average 0.8 point,
up from last week when it also averaged 3.16 percent. A year ago at this time,
the 15-year FRM averaged 4.22 percent.
·
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.80 percent this week, with an average 0.7 point, down from last week when it
averaged 2.82 percent. A year ago, the 5-year ARM averaged 3.80 percent.
·
1-year Treasury-indexed ARM averaged 2.73 percent this week with an
average 0.6 point, down from last week when it averaged 2.84 percent. At this
time last year, the 1-year ARM averaged 3.40 percent.
According to Frank
Nothaft, vice president and chief economist, Freddie Mac:
"New data
releases this week suggest the housing market is continuing to gradually
improve. Loans that were seriously delinquent (90 days or more past due plus
the foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of
2011, representing the lowest quarterly share since the start of 2009,
according to the Mortgage Bankers Association. The Census Bureau reported new
residential construction starts in January outpaced the market consensus
forecast, led by condominiums and apartment buildings, and December's figures
had upward revisions. Finally, existing home sales were at the strongest pace
in January since May 2010, according to the National Association of
Realtors®"
