30-Year Fixed-Rate Mortgage Holds Steady at 4.88%

McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates holding steady and below 5.0 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.

  • 15-year FRM this week averaged 4.15 percent with an average 0.7 point, the same from last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.

  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent this week, with an average 0.6 point, up from last week when it averaged 3.72 percent. A year ago, the 5-year ARM averaged 4.05 percent.

  • 1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. At this time last year, the 1-year ARM averaged 4.22 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.


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

  • "Mortgage rates held steady amid a strong employment report. The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009.

  • "Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors® Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.


Fixed-Rate Mortgages

 Average Conventional 30-Year Commitment RateFees & PointsAverage Conventional 15-Year Commitment Rate Fees & Points
US4.88 0.7 4.15 0.7
Northeast4.90 0.8 4.17 0.7
Southeast4.85 0.9 4.14 0.9
North Central4.93 0.6 4.17 0.5
Southwest4.91 0.6 4.25 0.6
West4.83 0.7 4.10 0.7

Five/One-Year Adjustable-Rate Mortgages

 First Commitment RateFees & PointsMargin
US3.73 0.6 2.74
Northeast3.92 0.6 2.76
Southeast3.59 0.8 2.75
North Central3.68 0.4 2.72
Southwest3.76 0.5 2.77
West3.63 0.7 2.73

One-Year Adjustable-Rate Mortgages

 First Commitment RateFees & PointsMargin
US3.21 0.5 2.76
Northeast3.33 0.5 2.79
Southeast3.05 0.7 2.75
North Central3.38 0.3 2.73
Southwest3.23 0.8 2.77
West3.06 0.5 2.75

Freddie Mac defines its regions as follows:

Northeast: NY, NJ, PA, DE, MD, DC, VA, WV, ME, NH, VT, MA, RI, CT
Southeast: NC, SC, TN, KY, GA, AL, FL, MS, PR, VI
North Central: OH, IN, IL, MI, WI, MN, IA, ND, SD
Southwest: TX, LA, NM, OK, AR, MO, KS, CO, NE, WY
West: CA, AZ, NV, OR, WA, UT, ID, MT, HI, AK, GU

Freddie Mac's Primary Mortgage Market Survey (PMMS) is for informational purposes only and Freddie Mac is not responsible for business decisions made based on the reported results of the PMMS. In general, the data presented were calculated from information collected Monday through Wednesday of the same week that the PMMS is released and may not reflect mortgage rates, fees or points currently available from any lender. Freddie Mac may change the methodology used to conduct the PMMS at any time and without notice.


Commitment Rate is the interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.

ARM Index is the one-year Treasury

Loan to Value Ratio (LTV) is the ratio of the loan amount of a mortgage loan to the lower of the appraisal value or purchase price of the property securing the loan.

Origination Fees and Discount Points are the total charged by the lender at settlement. One point equals one percent of the loan amount.

Margin is a fixed amount added to the underlying index to establish the fully indexed rate for an ARM.

Weighted Averages for the Primary Mortgage Market Survey have been adjusted as of October 28, 2010. The new weights use the dollar volume of conventional first-lien mortgage originations within the 1-unit Freddie Mac loan limit as reported under the Home Mortgage Disclosure Act (HMDA) for 2008. The weights are listed in the table below.

Freddie Mac Region PMMS Weights
North Central


March 10, 2011

30-Year Fixed Rate Mortgages

Average4.88 4.90 4.85 4.93 4.91 4.83
Fee & Points0.7 0.8 0.9 0.6 0.6 0.7

15-Year Fixed Rate Mortgages

Average4.15 4.17 4.14 4.17 4.25 4.10
Fee & Points0.7 0.7 0.9 0.5 0.6 0.7

5/1-Year Ajustable Rate Mortgages

Average3.73 3.92 3.59 3.68 3.76 3.63
Fee & Points0.6 0.6 0.8 0.4 0.5 0.7
Margin2.74 2.76 2.75 2.72 2.77 2.73

1-Year Ajustable Rate Mortgages

Average3.21 3.33 3.05 3.38 3.23 3.06
Fee & Points0.5 0.5 0.7 0.3 0.8 0.5
Margin2.76 2.79 2.75 2.73 2.77 2.75

The National Mortgage Rate Snapshot

 One Year AgoOne Week Ago
 30-YR15-YR5/1-YR1-YR ARM30-YR15-YR5/1-YR1-YR ARM
Average4.95 4.32 4.05 4.22 4.87 4.15 3.72 3.23
Fee & Points0.7 0.7 0.6 0.6 0.7 0.7 0.6 0.6
MarginN/AN/A2.74 2.75 N/AN/A2.74 2.76
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