30-year Fixed-rate Mortgage Averages 3.90 Percent
March 1, 2012
Fixed mortgage rates moved slightly lower for the week ending March 1 and remained near their 60-year lows helping to keep homebuyer affordability high.
According to the latest Freddie Mac Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.8 point for the past week, down from last week when it also averaged 3.95 percent. Last year at this time, the 30-year FRM averaged 4.87 percent.
Meanwhile, the 15-year FRM this week averaged 3.17 percent with an average 0.8 point, down from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, with an average 0.7 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 3.72 percent.
The 1-year Treasury-indexed ARM averaged 2.72 percent this week with an average 0.6 point, down from last week when it averaged 2.73 percent. At this time last year, the 1-year ARM averaged 3.23 percent.
Contact ALTA at 202-296-3671 or firstname.lastname@example.org.