My Real Estate Blog

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

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

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%, the lowest share since April 2009.

Interest rates for 30-year fixed-rate mortgages have averaged at or below 5% 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% over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009.