The average 30-year fixed-rate mortgage is still at an all-time low of 3.87 percent, and it has been there since the first week of February, according to theÂ Primary Mortgage Market SurveyÂ released byÂ Freddie Mac.
The 30-year average has also managed to remain below 4 percent for the past 11 weeks, and below 5 percent for the past 52 weeks dating back to February 17, 2011, according to the survey.
The 15-year rate this week averaged at 3.16 percent (0.8 point), maintaining the same average as last week. The 15-year rate averaged 4.27 percent a year ago at this time.
The 5-year adjustable-rate mortgage (ARM) averaged 2.82 percent this week (0.8 point), down from last week when it averaged 2.83 percent, and down a year ago when it averaged 3.87 percent.
The 1-yearÂ ARMÂ averaged 2.84 percent this week (0.6 point), an increase compared to 2.78 percent last week. The 1-yearÂ ARMÂ averaged 3.39 percent at this time last year.
Frank Nothaft, vice president and chief economist for Freddie Mac, said amidst mixed confidence, mortgages rates were unchanged.
â€œSmall business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast, breaking a five month trend,â€ Nothaft said. â€œIn the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index.â€