Baylake Bank eNews. Member FDIC
Mortgage Rates Still Buyer-Friendly

Jonathan PetersonBy Jonathan Peterson, Baylake Bank Mortgage Lender

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), which showed fixed mortgage rates remaining near their 60-year lows, helping to keep homebuyer affordability high.

For example, 30-year fixed-rate mortgages (FRM) averaged 3.90 percent for the week ending March 1, 2012, down from the previous week when it averaged 3.95 percent. Last year at this time, the 30-year FRM averaged 4.87 percent.

According to Frank Nothaft, vice president and chief economist of Freddie Mac, "Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market. For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions. In addition, the Federal Reserve noted in its February 29th regional economic review (or Beige Book) that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales."

Visit Regional and National Mortgage Rate Details and Definitions for more information. Borrowers may still pay closing costs which are not included in the survey.

Source: Freddie Mac

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