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Average fixed-rate mortgage stays consistent

Recent figures showed the average fixed-rate mortgage remained consistent for the third week.

Recent figures showed the average fixed-rate mortgage remained consistent for the third week.

Freddie Mac recently released the results of its Primary Mortgage Market Survey, which showed the average fixed-rate mortgage remained at an all-time low for the third consecutive week.

The average 30-year fixed-rate mortgage has remained unchanged since its all-time low of 3.87 percent that was reported in the first week of February. The average has now been below 4 percent for the past 11 weeks and below 5 percent since February 17, 2011.

"Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index," said Frank Nothaft, vice president and chief economist at Freddie Mac. "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. In the meantime, homebuilder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index."

The 15-year fixed-rate mortgage averaged 3.87 percent, while the 5-year Treasury-indexed adjustable-rate mortgage averaged 2.82 percent in the same week.

Typical relocation cost has also reached record lows, making it easier for American families to purchase their dream homes.