Average 30-Year Fixed-Rate Mortgage Holds at All-Time Record Low

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^{Published in Business and Finance on Thursday, February 9th 2012 at 7:13 GMT by Market Wire}  

Average 30-Year Fixed-Rate Mortgage Holds at All-Time Record Low -- MCLEAN, Va., Feb. 9, 2012 /PRNewswire/ --

MCLEAN, Va., Feb. 9, 2012 /PRNewswire/ -- [ Freddie Mac ] (OTC: FMCC) today released the results of its [ Primary Mortgage Market Survey ]® (PMMS®), showing most average mortgage rates inching higher on January's positive employment data. The 30-year fixed remained unchanged and at its all-time record low. One year ago at this time, the 30-year fixed averaged 5.05 percent.

News Facts

• [ 30-year fixed-rate mortgage ] (FRM) averaged 3.87 percent with an average 0.8 point for the week ending February 9, 2012, matching last week when it also averaged 3.87 percent. Last year at this time, the 30-year FRM averaged 5.05 percent. 
• [ 15-year FRM ] this week averaged 3.16 percent with an average 0.7 point, up from last week when it averaged 3.14 percent.A year ago at this time, the 15-year FRM averaged 4.29 percent. 
• [ 5-year Treasury-indexed hybrid adjustable-rate mortgage ] (ARM) averaged 2.83 percent this week, with an average 0.7 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 3.92 percent.
• [ 1-year Treasury-indexed ARM ] averaged 2.78 percent this week with an average 0.6 point, up from last week when it averaged 2.76 percent. At this time last year, the 1-year ARM averaged 3.35 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for [ Regional and National Mortgage Rate Details ] and [ Definitions ]. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

• "A strong January [ employment report ] added upward pressure to most mortgage rates this week. The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3 percent, which was the lowest since February 2009.  Although historical revisions also added 266,000 even more workers, they caused the labor participation rate to fall to 63.7 percent, representing the smallest share since May 1983, which offset some of the rise in mortgage rates."

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:[ @FreddieMac ]

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

SOURCE Freddie Mac

RELATED LINKS
[ http://www.freddiemac.com ]