Mortgage Rates Remain Near 65-Year Record Lows

Fixed-rate mortgages mostly held at the same low averages this week, providing more support for the housing recovery, Freddie Mac reports in its weekly mortgage market survey.
“Low mortgage rates are helping to revive the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. Mortgage rates have been staying near their 65-year record lows for the last several weeks.
Freddie Mac reports the following national averages for the week ending March 7:
•30-year fixed-rate mortgages: averaged 3.52 percent, with an average 0.7 point, rising slightly from last week’s 3.51 percent average. A year ago at this time, 30-year rates averaged 3.88 percent.
•15-year fixed-rate mortgages: averaged 2.76 percent, with an average 0.7 point, holding the same as last week’s average. Last year at this time, 15-year rates averaged 3.13 percent.
•5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.5 point, rising slightly from last week’s 2.61 percent average. Last year at this time, 5-year ARMs averaged 2.81 percent.
•1-year ARMs: averaged 2.63 percent, with an average 0.3 point, dropping from last week’s 2.64 percent average. A year ago, 1-year ARMs averaged 2.73 percent.