Mortgage Rates Hold Steady: Reports

Interest rates on home loans remained relatively unchanged this week, according to industry reports released Thursday.

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According to ""Freddie Mac's survey"":http://www.freddiemac.com/pmms/release.html?week=10&year=2011, the average rate for a 30-year fixed mortgage came in at 4.88 percent (0.7 point) for the week ending March 10, 2011, up only slightly from 4.87 percent last week.

The 15-year fixed-rate mortgage this week averaged 4.15 percent (0.7 point) in Freddie's study, the same as reported last week.

Adjustable-rate mortgages (ARMs) also showed little movement, with the 5-year ARM edging up to 3.73 percent (0.6 point) and the 1-year ARM down 2 basis points to 3.21 percent (0.5 point).

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Freddie Mac's chief economist, Frank Nothaft, attributed the leveling off to last Friday's ""strong employment report,"" which showed that the unemployment rate fell to 8.9 percent in February as the private sector added 222,000 jobs, the most since March 2006.

""Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability,"" Nothaft said. ""The National Association of Realtors Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971.""

Freddie Mac's weekly survey is based on data gathered from about 125 lenders nationwide. A separate study by Bankrate, whose findings are derived from information provided by the top 10 banks and thrifts in the top 10 U.S. markets, showed a similar pattern of stabilizing rates.

According to ""Bankrate's survey"":http://www.bankrate.com/finance/mortgages/mortgage-rates-hang-tight-ahead-of-the-fed.aspx?ic_id=tsLgpic1, the benchmark conforming 30-year fixed mortgage rate edged up from 5.03 percent last week to 5.04 percent (0.42 point) this week.

The average 15-year fixed mortgage was a touch higher at 4.32 percent (0.39 point), up from 4.31 percent, while the larger jumbo 30-year fixed rate settled slightly lower, dropping from 5.60 percent to 5.58 percent.

Adjustable rate mortgages were mixed in Bankrate's survey, with the average 3-year ARM down slightly to 3.84 percent and the 5-year ARM ticking up to 3.88 percent.