Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates continuing to follow bond yields higher amid improving economic data. The average 30-fixed rate mortgage averaged 4.08 percent for the week clearing the 4 percent barrier for the first time since October 27, 2011, when it averaged 4.10 percent.
- 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.8 point for the week ending March 22, 2012, up from last week when it averaged 3.92 percent. Last year at this time, the 30-year FRM averaged 4.81 percent.
- 15-year FRM this week averaged 3.30 percent with an average 0.8 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.7 point, up from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.62 percent.
- 1-year Treasury-indexed ARM averaged 2.84 percent this week with an average 0.6 point, up from last week when it averaged 2.79 percent. At this time last year, the 1-year ARM averaged 3.21 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.