Freddie Mac: Mortgage Rates Drop Slightly for the Week

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Freddie Mac: Mortgage Rates Drop Slightly for the Week

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Freddie Mac: Mortgage Rates Drop Slightly for the Week

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February 17, 2011 (Chris Moore)

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows a drop in long-term fixed rates this week. Fixed rate mortgage loan rates are generally at about the same level they were a year ago, but adjustable rate mortgage (ARM) loan rates are slightly lower.

30-year fixed-rate mortgage (FRM) averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 4.93 percent.
15-year FRM this week averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent this week, with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago, the 5-year ARM averaged 4.12 percent.
1-year Treasury-indexed ARM averaged 3.39 percent this week with an average 0.6 point, up from last week when it averaged 3.35 percent. At this time last year, the 1-year ARM averaged 4.23 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates eased slightly this week and continue to be very affordable. Prior to 2009, interest rates for 30-year fixed-rate mortgages had never been at 5 percent since our survey began in April 1971. In both 1981 and 1982, the rates were over three times as high as they are today.”

And…

“The housing market is struggling to regain traction despite still historically low rates. New construction on one-family homes dipped slightly in January to an annualized pace of 413,000 units, which was the fewest number since May 2009. In addition, homebuilder confidence didn’t improve for the third consecutive month in February and remains near record lows, according the NAHB/Wells Fargo Housing Market Index.”

30-Year Fixed Rate Mortgages
	US	NE	SE	NC	SW	W
Average	5.00	5.04	4.95	5.04	5.04	4.96
Fees & Points	0.7	0.7	0.9	0.6	0.6	0.8

15-Year Fixed Rate Mortgages
	US	NE	SE	NC	SW	W
Average	4.27	4.30	4.23	4.30	4.32	4.21
Fees & Points	0.7	0.7	0.9	0.5	0.6	0.8

5/1-Year Adjustable Rate Mortgages
	US	NE	SE	NC	SW	W
Average	3.87	3.96	3.77	3.99	3.84	3.76
Fees & Points	0.6	0.7	0.8	0.4	0.6	0.7
Margin	2.75	2.78	2.75	2.72	2.77	2.74

1-Year Adjustable Rate Mortgages
	US	NE	SE	NC	SW	W
Average	3.39	3.53	3.19	3.71	3.38	3.18
Fees & Points	0.6	0.6	0.7	0.3	0.8	0.7
Margin	2.76	2.79	2.75	2.73	2.77	2.75

The National Mortgage Rate Snapshot
	One Year Ago				One Week Ago
	30-YR	15-YR	5/1-YR	1-YR ARM	30-YR	15-YR	5/1-YR	1-YR ARM
Average	4.93	4.33	4.12	4.23	5.05	4.29	3.92	3.35
Fees & Points	0.7	0.6	0.5	0.6	0.7	0.7	0.6	0.6
Margin	N/A	N/A	2.74	2.75	N/A	N/A	2.75	2.76

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates

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Tips

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Tips

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Mortgages

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Calculator

Mortgage
Rates

30-year fixed-rate mortgage (FRM) averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 4.93 percent.
15-year FRM this week averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent this week, with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago, the 5-year ARM averaged 4.12 percent.
1-year Treasury-indexed ARM averaged 3.39 percent this week with an average 0.6 point, up from last week when it averaged 3.35 percent. At this time last year, the 1-year ARM averaged 4.23 percent.

And…

30-Year Fixed Rate Mortgages
	US	NE	SE	NC	SW	W
Average	5.00	5.04	4.95	5.04	5.04	4.96
Fees & Points	0.7	0.7	0.9	0.6	0.6	0.8

15-Year Fixed Rate Mortgages
	US	NE	SE	NC	SW	W
Average	4.27	4.30	4.23	4.30	4.32	4.21
Fees & Points	0.7	0.7	0.9	0.5	0.6	0.8

5/1-Year Adjustable Rate Mortgages
	US	NE	SE	NC	SW	W
Average	3.87	3.96	3.77	3.99	3.84	3.76
Fees & Points	0.6	0.7	0.8	0.4	0.6	0.7
Margin	2.75	2.78	2.75	2.72	2.77	2.74

1-Year Adjustable Rate Mortgages
	US	NE	SE	NC	SW	W
Average	3.39	3.53	3.19	3.71	3.38	3.18
Fees & Points	0.6	0.6	0.7	0.3	0.8	0.7
Margin	2.76	2.79	2.75	2.73	2.77	2.75

The National Mortgage Rate Snapshot
	One Year Ago				One Week Ago
	30-YR	15-YR	5/1-YR	1-YR ARM	30-YR	15-YR	5/1-YR	1-YR ARM
Average	4.93	4.33	4.12	4.23	5.05	4.29	3.92	3.35
Fees & Points	0.7	0.6	0.5	0.6	0.7	0.7	0.6	0.6
Margin	N/A	N/A	2.74	2.75	N/A	N/A	2.75	2.76

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

HOW
MORTGAGELOANRATEUPDATE
WORKS

Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.

ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

30-year fixed-rate mortgage (FRM) averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 4.93 percent.
15-year FRM this week averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent this week, with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago, the 5-year ARM averaged 4.12 percent.
1-year Treasury-indexed ARM averaged 3.39 percent this week with an average 0.6 point, up from last week when it averaged 3.35 percent. At this time last year, the 1-year ARM averaged 4.23 percent.

And…

30-Year Fixed Rate Mortgages
	US	NE	SE	NC	SW	W
Average	5.00	5.04	4.95	5.04	5.04	4.96
Fees & Points	0.7	0.7	0.9	0.6	0.6	0.8

15-Year Fixed Rate Mortgages
	US	NE	SE	NC	SW	W
Average	4.27	4.30	4.23	4.30	4.32	4.21
Fees & Points	0.7	0.7	0.9	0.5	0.6	0.8

5/1-Year Adjustable Rate Mortgages
	US	NE	SE	NC	SW	W
Average	3.87	3.96	3.77	3.99	3.84	3.76
Fees & Points	0.6	0.7	0.8	0.4	0.6	0.7
Margin	2.75	2.78	2.75	2.72	2.77	2.74

1-Year Adjustable Rate Mortgages
	US	NE	SE	NC	SW	W
Average	3.39	3.53	3.19	3.71	3.38	3.18
Fees & Points	0.6	0.6	0.7	0.3	0.8	0.7
Margin	2.76	2.79	2.75	2.73	2.77	2.75

The National Mortgage Rate Snapshot
	One Year Ago				One Week Ago
	30-YR	15-YR	5/1-YR	1-YR ARM	30-YR	15-YR	5/1-YR	1-YR ARM
Average	4.93	4.33	4.12	4.23	5.05	4.29	3.92	3.35
Fees & Points	0.7	0.6	0.5	0.6	0.7	0.7	0.6	0.6
Margin	N/A	N/A	2.74	2.75	N/A	N/A	2.75	2.76

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates

Home Buying Tips

Home Selling Tips

About
Mortgages

HOW
MORTGAGELOANRATEUPDATE
WORKS

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.

ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT
CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.