Freddie Survey Shows Rates Creep Up

The average Freddie Mac rate for a 30-year fixed-rate mortgage inched upward during the week ended March 5 when economic indicators included "only scattered, tentative signs of stabilization" in housing. "The Federal Reserve noted in its March 4 regional economic report that residential real estate markets remained in the doldrums in most areas," said Freddie chief economist Frank Nothaft, who noted that benchmark rate-indicative bond yields moved higher during the week in response to the net effect of this and other indicators. The average 30-year FRM rate during the period rose to 5.15% from 5.07% the week before but was down from a year ago when it was 6.03%. The average 15-year FRM rate jumped to 4.72% from 4.68% but was down from a year ago when it was 5.47%. The average rate for a five-year hybrid Treasury-indexed adjustable-rate mortgage inched up to 5.08% from 5.06% but was down from 5.34% a year ago. The average one-year Treasury-indexed ARM rate jumped to 4.86% from 4.81% but was down from 4.94% a year ago. Average points were as follows: 0.7 for 30- and 15-year FRMs, 0.6 for five-year Treasury-indexed hybrids and 0.5 for one-year Treasury-indexed ARMs.