Rates were stable in the past week. Freddie Mac announced that for the week ending March 10, 30-year fixed rates averaged 4.88%, up slightly from 4.87% the previous week. The average for 15-year fixed remained at 4.15%. Adjustables were also stable with the average for one-year adjustables decreasing slightly to 3.21% and five-year adjustables increasing one tick to 3.73%. A year ago 30-year fixed rates were at 4.95%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac, "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. Rates for 30-year fixed-rate loans 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." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
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