Mortgage Rates in U.S. Dip Below 4%, Again
According to Freddie Mac latest Primary Mortgage Market Survey (PMMS), both mortgage rates, fixed and adjustable, moved lower on weaker housing economic indicators as the average 30-year fixed-rate mortgage slid just below 4.00 percent for the week.
Frank Nothaft, chief economist of Freddie Mac said, "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."
The 30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.7 point for the week ending March 29, 2012, down from last week when it averaged 4.08 percent. Last year at this time, the 30-year FRM averaged 4.86 percent.
15-year FRM this week averaged 3.23 percent with an average 0.8 point, down from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 4.09 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week, with an average 0.8 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.70 percent.
1-year Treasury-indexed ARM averaged 2.78 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 3.26 percent.