30-Year Mortgage Rates Clears 4 Percent
March 22, 2012
Mortgage rates continued to follow bond yields higher amid improving economic data, pushing the average 30-year fixed-rate (FRM) mortgage above 4 percent barrier for the first time in five months, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year FRM averaged 4.08 percent with an average 0.8 point for the week ending March 22, 2012, up from last week when it averaged 3.92 percent. Last year at this time, the 30-year FRM averaged 4.81 percent. The last time the 30-year FRM was above 4 percent was October 2011 when it averaged 4.1 percent.
Meanwhile, the 15-year FRM this week averaged 3.30 percent with an average 0.8 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.7 point, up from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.62 percent.
The 1-year Treasury-indexed ARM averaged 2.84 percent this week with an average 0.6 point, up from last week when it averaged 2.79 percent. At this time last year, the 1-year ARM averaged 3.21 percent.