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News Now

Washington
Freddie Mac 30-year mortgage rates remain below 5
WASHINGTON (3/15/10)--In its weekly release on the state of the home loan market, Freddie Mac disclosed that the average rate of 30-year fixed-rate mortgages was 4.95% for the week ended March 11, a slight drop from the previous week's average of 4.97%. Freddie Mac vice president/chief economist Frank Nothaft said that the easing of mortgage rates was related to the comparatively “light week of mixed economic reports.” Fifteen-year mortgages averaged 4.32% during the week, a slight drop from the 4.33% average reported during the previous week. Thirty-year and 15-year fixed rate mortgages averaged 5.03% and 4.64%, respectively, this time last year. Freddie Mac also released numbers on less conventional mortgages, noting that the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.05% for the week, with the 1-year Treasury-indexed ARM averaging 4.22%. Average rates for the 5 and 1 year mortgages averaged 4.99% and 4.80%, respectively, last year.


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