30-Year Fixed-Rate Mortgage Dips Back Below 4.00 Percent

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.7 point for the week ending March 29, 2012, down from last week when it averaged 4.08 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. 
  • 15-year FRM this week averaged 3.23 percent with an average 0.8 point, down from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 4.09 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week, with an average 0.8 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.70 percent.
  • 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, down from last week when it averaged 2.84 percent. At this time last year, the 1-year ARM averaged 3.26 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Mortgage rates slid this week amid weaker housing economic indicators. The S&P/Case Shiller® 20-City Composite home price index slid in January to its lowest reading since December 2002. In addition, new home sales declined 0.5 percent in February, below the market consensus of an increase, and pending existing home sales also declined for the month."

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:@FreddieMac

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