My Real Estate Blog

March 4th, 2011 8:21 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey which shows a drop in long-term fixed rates for the third consecutive week.

30-year fixed-rate mortgage averaged 4.87% with an average 0.7 point for the week ending March 3, 2011, down from last week when it averaged 4.95%. Last year at this time, the 30-year averaged 4.97%.

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.72% this week, with an average 0.6 point, down from last week when it averaged 3.8%. A year ago, the 5-year ARM averaged 4.11%.

Mortgage rates saw an overall improvement this week. Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year's high set just three weeks ago. This means that home buyers could now expect to pay $263 less per year on a $200,000 loan.

Posted by Jim McCowan on March 4th, 2011 8:21 AMPost a Comment (0)
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