Fixed-Rate Mortgages Remain at or Near All-Time Lows
March 8, 2012
Fixed-rate mortgages remained at or near 60-year lows, helping to drive record high homebuyer affordability.
According to the latest Freddie Mac Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.8 point for the week ending March 8, down from last week when it averaged 3.90 percent. Last year at this time, the 30-year FRM averaged 4.88 percent.
Meanwhile, the 15-year FRM, a popular choice among refinance borrowers, averaged a new all-time record low of 3.13 percent with an average 0.8 point. This is down from last week when it averaged 3.17 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 2.81 percent this week, with an average 0.7 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.73 percent.
The 1-year Treasury-indexed ARM averaged 2.73 percent this week with an average 0.6 point, up from last week when it averaged 2.72 percent. At this time last year, the 1-year ARM averaged 3.21 percent.