Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
30-year fixed-rate mortgage:
averaged 4.86 percent with an average 0.7 point for the week ending March 31, 2011, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 5.08 percent.
The 15-year fixed-rate mortgage: this weekend 4.87 percent with an average 0.7 point for the week ending March 3, 2011, down from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.97 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 4.15 percent with an average 0.7 point, down from last week when it averaged 4.22 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
One-year Treasury-indexed ARMs: averaged 3.72 percent this week, with an average 0.6 point , down from last week when it averaged 3.8 percent. A year ago, the 5-year ARM averaged 4.11 percent.
Freddie Sayz
However, housing demand still remains weak. New home sales in January were near record lows dating back to 1963 when the data began, according to the Census Bureau Similarly, pending sales of existing homes fell for the second consecutive month in January, according to the National Association of Realtors
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