Fixed mortgage rates were out of their at-or-near record slumps for the first time in three weeks amidst fresh data showing the continued improvement of housing market.
A 3.95% average of the 30-year fixed-rate mortgage (FRM) was reflected, with a 0.8 point average for the week ending February 23, 2012, a surge from last week when a 3.87% average was claimed. The 30-year FRM was an average of 4.95% last year at this same time.
On another note, the week that ended on February 25, 2012 has a 15-year FRM average of 3.19% with a 0.8 point average, a surge from last week when there was a 3.16% average. The 15-year FRM average was 4.22% of last year at this same time.
A 2.80% average of the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was claimed on the week that ended on February 25, 2012, with a 0.7 point average, dropping from last week’s 2.83% average. The 5-year ARM averaged 3.80 percent on this same time last year.
Lastly, a 2.73% average of the 1-year Treasury-indexed ARM was achieved claimed on the week that ended on February 25, 2012, with a 0.6 point average, dropping from last week’s 2.84%. The1-year ARM averaged 3.40 percent on this same time last year.
Frank Nothaft, vice president and chief economist, Freddie Mac stated:
“New data releases this week suggest the housing market is continuing to gradually improve. Loans that were seriously delinquent (90 days or more past due plus the foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of 2011, representing the lowest quarterly share since the start of 2009, according to the Mortgage Bankers Association. The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December’s figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May 2010, according to the National Association of Realtors®”
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