Mortgage rates “eased somewhat” in the latest weekly survey reported by Freddie Mac on March 11. The results of Freddie’s Primary Mortgage Market Survey® showed the 30-year fixed-rate mortgage averaged 4.95 percent with an average 0.7 point for the previous week, down from the prior week’s survey, which still showed rates below 5%, averaging 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.
(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
“During a light week of mixed economic reports, mortgage rates eased somewhat,” said Frank Nothaft, Freddie Mac vice president and chief economist, in the Freddie Mac press release. “Pending existing home sales fell 7.6 percent in January, well below the market consensus of a 1 percent gain. Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7 percent. In addition, revisions added a net 35,000 workers to January and December combined.”
Here’s the latest Flagstaff home sales report.
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