Interest rates on mortgages held steady across all product types during the week ending March 10, Freddie Mac said. The average 30-year, fixed-mortgage rate increased just 1 basis point to 4.88%, according to Freddie Mac’s Primary Mortgage Market Survey. That’s up from a rate of 4.95% this time last year. Just one month ago, rates were 5.05% — the only instance in which rates broke 5% this year. Rates on 15-year FRMs held steady at 4.15% compared to one week prior. The average origination point for this type of loan is currently 0.7. The rate for a 15-year FRM was 4.32% one year ago. According to Freddie Mac, five-year, Treasury-indexed hybrid adjustable-rate mortgages increased slightly to 3.73% from 3.72% one week ago, while one-year, Treasury-indexed ARMs averaged to 3.21%. During the same week in 2010, the rates for these ARMs were 4.05% and 4.22%, respectively. Freddie Mac Chief Economist Frank Nothaft said positive macroeconomic factors including unemployment are steadying mortgage rates. “Mortgage rates held steady amid a strong employment report,” Nothaft said. ” The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9%, the lowest share since April 2009.” The Bankrate survey of large thrifts showed the same trend in mortgage rates; however, rates remain above Freddie Mac’s. The rate for a 30-year FRM increased one basis point to 5.04%, the rate for 15-year FRMs rose slightly to 4.32%, and the rate for a 5-year ARM increased to 3.88%. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.
Interest rates on mortgages hold steady below 5%: Freddie Mac
Most Popular Articles
Latest Articles
NAMB partners with Roomvu on digital marketing efforts
NAMB members can use automation tools through Roomvu to market their services, create content and distribute newsletters.
-
New American Funding onboards top Chicago loan officer
-
Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers
-
Weekly active inventory growth still too slow
-
While the Austin housing market isn’t sizzling, agents say it is still warm
-
CMLS looks to weigh in on the DOJ’s statement of interest