The average 30-year fixed-rate mortgage is still at an all-time low of 3.87 percent, and it’s been there since the first week of February, according to the Primary Mortgage Market Survey released by Freddie Mac.
The 30-year average has also managed to remain below 4 percent for the past 11 weeks, and below 5 percent for the past 52 weeks dating back to February 17, 2011, according to the survey.
The 15-year rate this week averaged at 3.16 percent (0.8 point), maintaining the same average as last week. The
15-year rate averaged 4.27 percent a year ago at this time.
The 1-year ARM averaged 2.84 percent this week (0.6 point), an increase compared to 2.78 percent last week. The 1-year ARM averaged 3.39 percent at this time last year.
Frank Nothaft, vice president and chief economist for Freddie Mac, said amidst mixed confidence, mortgages rates were unchanged.
“Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast, breaking a five month trend,” Nothaft said. “In the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index.”