Long-Term Mortgage Rates Plummet

Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.87% with an average 0.5 point for the week ending March 20, 2008, down from last week when it averaged 6.13%. Last year at this time, the 30-year FRM averaged 6.16%. The 15-year FRM this week averaged 5.27% with an average 0.5 point, down from last week when it averaged 5.60%. A year ago at this time, the 15-year FRM averaged 5.90%. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.56% this week, with an average 0.9 point, down from last week when they averaged 5.58%. A year ago, the 5-year ARM averaged 5.91%. One-year Treasury-indexed ARMs averaged 5.15% this week with an average 0.8 point, up from last week when it was 5.14%. At this time last year, the one-year ARM averaged 5.40%