Rates Still Buyer-Friendly
By Jonathan Peterson, Baylake Bank
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."
Regional and National Mortgage Rate Details and
for more information. Borrowers may still pay closing costs
which are not included in the survey.
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