Mortgage Rates Remain Relatively Unchanged from the Previous Week

Freddie Mac recently released its weekly mortgage survey which showed mortgage rates remained fairly flat from the previous week. 30 year mortgage rates average 4.88% (.7 pt) which was slightly higher than the 4.87% than the proceeding survey's results. 15 year mortgage rates average 4.15% (.7 pt) which was the same as the prior week. 5 year treasury indexed ARMs also increase just a hair inching up to 3.73% (.6 pt) from 3.72%.

Frank Nothaft, Freddie Mac VP and Chief Economist noted that "rates held steady amid a strong employment report.. The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009.  He continued, "interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors® Housing Affordability Index. rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications. jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009."

To read the complete survey, visit: http://www.freddiemac.com/pmms/release.html?week=10&year=2011

On a side note, the Mortgage Bankers Association reported that its seasonally adjusted index of mortgage applications rose 15.5% for the week ending on March 4th. Michael Fratantoni of the Mortgage Bankers Association stated that the improving job market is likely helping the housing sector.

You can find more on this story at: http://www.cnbc.com/id/41984293