Thursday

Freddie Mac Weekly Update: 30-Year Mortgage Up Slightly for Second Week

30-year fixed-rate mortgage:
  
averaged 4.86 percent with an average 0.7 point for the week ending March 31, 2011, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 5.08 percent.  

The 15-year fixed-rate mortgage:  this week averaged 4.09 percent with an average 0.7 point, up  from last week when it averaged 4.04 percent.  A year ago at this time, the 15-year FRM averaged 4.39 percent. 

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.70 percent this week, with an average 0.7 point, up from last week when it averaged 3.62 percent. A year ago, the 5-year ARM averaged 4.10 percent . 
One-year Treasury-indexed ARMs: averaged 3.26 percent this week with an average 0.6 point, upfrom last week when it averaged 3.21 percent. At this time last year, the 1-year ARM averaged 4.05 percent.  
Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates rose slightly for a second week in a row, but continue to remain quite low.  Low rates have benefited from relatively benign inflation reports. Inflation as measured by the 12 month growth in the core price index for  consumer spending, a metric preferred by the Federal Reserve, is hovering near the lowest pace since 1960 when this data series began.
Sales of distressed properties continue to place downward pressure on house prices. In January, these homes accounted for 37 percent of existing home sales and rose to 39 percent in February, based on figures from the  National Association of Realtors. House prices were down 3.1 percent in January from the same month last year according to the  S&P/Case-Shiller Home Price Indices
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