Mortgage Rates Hold Near Current Lows
Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.7 point for the week ending February 4, 2010, up from last week when it averaged 4.98 percent. Last year at this time, the 30-year fixed rate mortgage averaged 5.25 percent.
The 15-year FRM this week averaged 4.40 percent with an average 0.7 point, up from last week when it averaged 4.39 percent. A year ago at this time, the 15-year fixed rate mortgage averaged 4.92 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent this week, with an average 0.6 point, up from last week when it averaged 4.25 percent. A year ago, the 5-year adjustable rate mortgage averaged 5.26 percent.
The 1-year Treasury-indexed ARM averaged 4.22 percent this week with an average 0.5 point, down from last week when it averaged 4.29 percent. At this time last year, the 1-year adjustable rate mortgage averaged 4.92 percent.
"Mortgage rates remained relatively stable for a second week amid news of a strengthening housing market," said Frank Nothaft, Freddie Mac vice president and chief economist.
