Below is the weekly mortgage survey press release dated February 24, 2010 from Freddie Mac. Use this mortgage rate survey to help you in your real estate decisions. Call for info about rates and programs available for Salt Lake City real estate purchases. As always, if you have any questions, or if you are ready to explore your real estate opportunities in Salt Lake City, pick up the phone (801.455.6020) or send us a note!
30-Year Fixed-Rate Mortgage Eases Just Below 5 Percent
For Immediate Release
February 24, 2011
Contact: corprel@freddiemac.com
or (703) 903-3933
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows a drop in long-term fixed rates this week.
News Facts
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30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.6 point for the week ending February 24, 2011, down from last week when it averaged 5.0 percent. Last year at this time, the 30-year FRM averaged 5.05 percent.
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15-year FRM this week averaged 4.22 percent with an average 0.7 point, down from last week when it averaged 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.
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5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.8 percent this week, with an average 0.6 point, down from last week when it averaged 3.87 percent. A year ago, the 5-year ARM averaged 4.16 percent.
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1-year Treasury-indexed ARM averaged 3.40 percent this week with an average 0.6 point, up from last week when it averaged 3.39 percent. At this time last year, the 1-year ARM averaged 4.15 percent.
Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
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"Fixed mortgage rates eased again this holiday week amid mixed inflation data reports. Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1 percent in the fourth quarter of 2010 compared to the same period in 2009, according to the S&P/Case-Shiller® National Index . In addition, the level of the index was the lowest since the fourth quarter of 2002.
- "Low mortgage rates and home prices are sustaining affordability in the housing market. Existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months, the National Association of Realtors® reported; only the Northeast region experienced a slowdown in sales."
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.
Summary of Survey Results
| Fixed-Rate Mortgages | ||||
|---|---|---|---|---|
| Average Conventional
30-Year Commitment Rate |
Fees & Points | Average Conventional
15-Year Commitment Rate |
Fees & Points | |
| US | 4.95 | 0.6 | 4.22 | 0.7 |
| Northeast | 4.99 | 0.5 | 4.25 | 0.6 |
| Southeast | 4.92 | 0.8 | 4.21 | 0.8 |
| N. Central | 4.99 | 0.5 | 4.25 | 0.5 |
| Southwest | 4.98 | 0.6 | 4.29 | 0.6 |
| West | 4.90 | 0.7 | 4.16 | 0.7 |
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.
We want to be your source for real estate and mortgage information in the Salt Lake City, Utah area. Call for specific rates and programs in the Salt Lake City real estate market. Or, if you are ready to pursue the possibilities available today in Salt Lake City’s housing market, please call or text Jenn and Phil at 801.455.6020, or contact us today!