Conflicting Reports Keep Interest Rates Level

Nationwide, 30-year fixed-rate mortgages averaged 6.16%, for the week ending March 29, unchanged from last week's 6.16%.  Last year at this time, the 30-year FRM averaged 6.35%.  The average for the 15-year FRM this week is 5.86%, down from last week’s 5.90%.  One-year “T”ARMs were up at 5.43% and five-year “T”ARMs averaged 5.88% down from last week’s 5.91%.

"Recent data releases sent conflicting signals about the direction of the housing market," said Frank Nothaft , Freddie Mac vice president and chief economist.  "The rise in existing home sales in February to a 6.69 million unit pace, the highest level since last April, offered some hope of firming in housing demand. In contrast, February's new home sales fell unexpectedly to 848,000 units, the slowest pace since June 2000, suggesting that more time will be needed before a housing recovery takes place.  Despite concerns about possible spillovers from the troubles in the subprime market, rates on 30-year fixed-rate mortgages remained stable. The ample liquidity provided by Freddie Mac in the conventional conforming mortgage market has helped keep rates down, supporting affordability and aiding in the ultimate recovery of the housing market."

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