March 29, 2012 (Shirley Allen)
Mortgage interest rates fell across the board this week with the 30-year fixed rate mortgage falling back below the four percent barrier according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending March 29nd.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell this week with the 30-year fixed rate averaging 3.99 percent with an average of 0.7 points, down from an average of 4.08 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.86 percent.
Last week was the first time in 20 weeks that the 30-year fixed rate mortgage had gone above four percent.
The 15-year fixed rate mortgage also fell to an average of 3.23 percent with an average of 0.8 points, down from last week’s average of 3.30 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.09 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages also fell this week with the 5-year Treasury-indexed hybrid ARM averaging 2.90 percent, down from last week’s average of 2.96 percent, with an average of 0.8 points. The 5-year adjustable rate mortgage averaged 3.70 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.78 percent with an average of 0.6 points, down from last week’s average of 2.84 percent. A year ago, the 1-year adjustable rate mortgage averaged 3.26 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Mortgage rates slid this week amid weaker housing economic indicators. The S&P/Case Shiller® 20-City Composite home price index slid in January to its lowest reading since December 2002. In addition, new home sales declined 0.5 percent in February, below the market consensus of an increase, and pending existing home sales also declined for the month.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.8||0.6||0.8||0.9|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.9||0.7||0.8||0.9|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.8||0.6||0.9||0.8|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.7||0.6||0.5||0.6||0.5|
|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|
|Fees & Points||0.7||0.7||0.7||0.6||0.8||0.8||0.7||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury