Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates unchanged amid mixed consumer sentiment data. The average 30-year fixed-rate mortgage has been at its all-time record-breaking low of 3.87 percent since the first week of February, below 4.00 percent for the past 11 weeks, and below 5.00 percent for the past 52 weeks dating back to the February 17, 2011 release of the PMMS.
The 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.8 point for the week ending February 16, 2012, matching last week when it also averaged 3.87 percent. Last year at this time, the 30-year FRM averaged 5.00 percent.
Survey results show that the 15-year FRM this week averaged 3.16 percent with an average 0.8 point, matching last week when it also averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.27 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.8 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.87 percent.
Additionally, 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 2.78 percent. At this time last year, the 1-year ARM averaged 3.39 percent.
“Fixed mortgage rates were unchanged this week amid mixed confidence measures. Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
“However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast, breaking a five month trend. In the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index.”
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