Average rate on 30-year fixed-rate U.S. mortgage remained at record-low 3.87% in latest week: Freddie Mac
February 16, 2012
– Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates unchanged amid mixed consumer sentiment data. The average 30-year fixed-rate mortgage has been at its all-time record-breaking low of 3.87 percent since the first week of February, below 4.00 percent for the past 11 weeks, and below 5.00 percent for the past 52 weeks dating back to the February 17, 2011 release of the PMMS.
30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.8 point for the week ending February 16, 2012, matching last week when it also averaged 3.87 percent. Last year at this time, the 30-year FRM averaged 5.00 percent.
15-year FRM this week averaged 3.16 percent with an average 0.8 point, matching last week when it also averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.27 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.8 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.87 percent.
1-year Treasury-indexed ARM averaged 2.84 percent this week with an average 0.6 point, up from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.39 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Fixed mortgage rates were unchanged this week amid mixed confidence measures. Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast breaking a five month trend. In the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index."
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Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.