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Washington
Improving employment evens mortgage averages
WASHINGTON (3/14/11)—Thirty-year fixed-rate mortgages averaged 4.88% during the week ended March 10, a slight increase from the 4.87% mortgage rate average reported last week. Those same mortgages averaged 5.05% during the week ended Feb. 10, the highest average mortgage rate recorded since April 2010. Fifteen-year fixed rate mortgages held steady at 4.15%. Five-year and one-year adjustable rate mortgages (ARM) remained essentially even, with five-year ARMs increasing to 3.73%, .01% up from the previous weeks average, and one-year ARMs averaging 3.21%, down .02% from the previous week’s average. Five-year ARMs averaged 4.05% this time last year, while one-year ARMs averaged 4.22%. Freddie Mac Vice President/Chief Economist Frank Nothaft said that positive employment numbers helped mortgage rates hold steady. The sub-5% average mortgage rates that have continued for all but one week this year have also contributed to “record home affordability,” Nothaft added. For the full survey, use the resource link.
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