Mortgage loan rates steady in latest weekly study
Mar 2011 11

The average 30-year, fixed mortgage rate rose just a bit, this past week, landing at 4.88% on a national basis, according to the Freddie Mac weekly survey of loan providers.

The 30-year fixed-rate mortgage (FRM) averaged 4.88 percent with an average 0.7 point for the week ending February 24, 2011, about equal with last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent, so rates are just a bit better.

A $400,000, 30-year, fixed-rate mortgage at 4.88 percent would run you approximately $2,118 per month in loan repayments. This is $3 more per month when compared to last week.

This week, 15-year fixed rate mortgages averaged 4.15 percent with an average 0.7 point, the same as last week when it averaged 4.15 percent. A year ago at this time, the 15-year FRM averaged 4.32 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac says, “”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 percent, the lowest share since April 2009.

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

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