Freddie Survey Shows Rates Trending Lower

The average rate for a 30-year fixed rate mortgage remained below 5% and crept a little lower in the most recent week, according to the most recent Freddie Mac Primary Mortgage Market Survey. The average for the 30-year FRM during the week ended Feb. 18 was 4.93%, down from 4.97% the week previous and 5.04% a year ago. "Mortgage rates eased for the second week, while economic data releases suggest that the housing market may be in a slow state of recovery," said Frank Nothaft, Freddie Mac's vice president and chief economist. The average 15-year FRM rate was 4.33%, down from 4.34% the previous week and 4.68% a year ago. The average rate for five-year Treasury-indexed hybrid adjustable rate mortgages was 4.12%, down from 4.19% the previous week and 5.04% a year ago. The average one-year Treasury ARM rate was 4.23%, down from 4.33% a week ago and 4.80% a year ago. Average points were 0.7 for 30-year FRMs, 0.6 for 15-year FRMs and one-year Treasury ARMs, but 0.5 for five-year Treasury hybrid ARMs.