It’s Thursday, which can only mean one thing: No, not a new episode of Friends, that show ended years ago. What’s wrong with you? I’m talking about our weekly Primary Mortgage Market Survey (PMMS). There have been some slight changes in the rates since last week, most significant amongst these are with the 30-year fixed rates. Although these are signs of a strengthening economic forecast according to Freddie Mac, it does nail down my point that I brought up last week: get these rates while they’re in their prime! Especially adjustable rate mortgages which have budged less than their fixed-rate brethren. Enough of my (accurate) predictions though, here are the raw facts for this week’s PMMS report:
30-year fixed-rate mortgages averaged 3.63 percent with an average 0.8 point for the week. This is up from last week when it averaged 3.52 percent. Last year at this time, the 30-year FRM averaged 3.16 percent.
15-year FRM this week averaged 2.79 percent with an average 0.8 point, up from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
The 5-year ARM averaged 2.61 percent this week with an average 0.6, down from last week when it averaged 2.63 percent. A year ago, it averaged 2.83 percent.
The 1-year ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.63 percent. A year ago, it averaged 2.79 percent.
Nice numbers and italics, you must be thinking to yourself. But if you need an educated quote to help digest all of this mortgage information, here’s Frank Nothaft, vice president and chief economist of Freddie Mac:
“Fixed mortgage rates rose this week on stronger signs of jobs growth and consumer spending. The economy added 236,000 new workers in February which helped push down the unemployment rate to 7.7 percent. This helped offset the effects of the payroll tax holiday expiration and led to a 1.1 percent increase in retail sales, which was well above the market consensus forecast.”