Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 5.85% with an average 0.4 point for the week ending March 27, 2008, down from the prior week when it averaged 5.87%. Last year at this time, the 30-year FRM averaged 6.16%.
The 15-year FRM averaged 5.34% in the latest report, with an average 0.4 point, up from the previous week when it averaged 5.27%. A year ago at this time, the 15-year FRM averaged 5.86%.
“Long-term mortgage rates were relatively unchanged in the past week as the latest economic indicators came in much as expected,” said Frank Nothaft, Freddie Mac vice president and chief economist. “On the housing front, house prices keep declining across the nation. Lower prices improve affordability and the National Association of Realtors reported that its home affordability index was at the highest level in nearly five years, contributing to a pickup in existing home sales in February.”
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