Mortgage Rates Flat, According To Freddie Mac Weekly Survey
March 1, 2002
One-Year ARM Drifts To Just Below Five Percent
McLean, VA ? In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.86 percent, with an average 0.7 point, for the week ending February 15, 2002, down from 6.88 percent last week. Last year at this time, the 30-year FRM averaged 7.01 percent.
The average for the 15-year FRM this week is 6.35 percent, with an average 0.7 point, falling from last week's average of 6.36 percent. A year ago, the 15-year FRM averaged 6.61 percent.
One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.98 percent this week, with an average 0.7 point, down from last week's average of 5.04 percent. This time last year, the one-year ARM averaged 6.40 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Quiet financial markets this week left mortgage rates low and almost unchanged from last week's figures," said Frank Nothaft, Freddie Mac chief economist. "In the meantime, retail sales jumped in January and mortgage applications remained high. These are positive indications that the economy is in recovery mode.
"This year is beginning on an upbeat note with signs pointing to another dynamic year for the housing industry. As a matter of fact, in 2002 we expect originations of about $1.4 trillion, according to Freddie Mac's most recent economic forecast."
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Source: Freddie Mac
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