Freddie Mac released today the results of its Primary Mortgage Market Survey (PMMS) which shows mixed results for both long and short term interest rates this week.
Up from last week when it averaged 4.80 percent, 30-year fixed-rate mortgage are now at 4.81 percent with an average 0.8 point. However, this time last year the 30-year fixed-rate mortgage averaged 5.01 percent.
Down from last week when it averaged 4.09 percent, 15-year fixed-rate mortgage this week averaged 4.08 percent with an average 0.8 point. This time last year the 15-year fixed-rate mortgage averaged 4.40 percent.
"Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010. In the fourth quarter, the economy grew at a 3.2 percent annualized rate, compared to 2.6 percent in the third quarter, and was led by a 4.4 percent gain in consumer spending. In addition, the core price index for consumer expenditures rose by an annualized rate of 0.4 percent, which was the smallest increase ever since records began in 1959", said by Frank Nothaft, vice president and chief economist at Freddie Mac.
He went on to say that, "In the fourth quarter of 2010, housing was the most affordable on record according to figures published by the National Association of Realtors which date back to 1971."