Mortgage Rates Continue to Decline: 30 Year Fixed Mortgage Rates at 4.87%

Fixed conforming mortgage rates are lower for the third consecutive week. In this week's Primary Mortgage Market Survey released by Freddie Mac, conforming fixed 30 year mortgage rates are back under 5.00 percent, averaging 4.87 percent for the week ending March 3, 2011, a decrease from the prior week’s average of 4.95 percent. Average mortgage discount points on 30 year mortgages were 0.7 points, up from the previous week’s average of 0.6 points.

Fixed conforming 15 year mortgage rates averaged 4.15 percent with 0.7 points for the week ending March 3, 2011, down from the previous week’s survey when 15 year mortgage rates averaged 4.22 percent with 0.7 mortgage discount points.

Current 5 year Treasury indexed adjustable mortgage rates averaged 3.72 percent for the week ending March 3, 2011, down from the previous week’s average 5 year adjustable home mortgage rate of 3.80 percent. Average mortgage discount points on 5 year adjustable mortgages were 0.6 points, unchanged from the prior week’s average.

1 year Treasury indexed adjustable rates averaged 3.23 percent for the week ending March 3, 2011, up from the prior week’s average 1 year adjustable home mortgage rate of 3.40 percent. Average mortgage points on 1 year adjustable home loans were 0.6 points, unchanged from the prior week.