American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Industry News

War Effort Pushes Mortgage Rates Upward

March 21, 2003

Rise May Be Temporary As Other Factors Come To The Fore

McLean, VA - In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.79 percent, with an average 0.6 point, for the week ending March 21, 2003, climbing from 5.61 percent last week. Last year at this time, the 30-year FRM averaged 7.14 percent.

The average for the 15-year FRM this week is 5.11 percent, with an average 0.5 point, rising from last week's average of 4.93 percent. A year ago, the 15-year FRM averaged 6.65 percent.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.75 percent this week, with an average 0.6 point, up from 3.68 percent last week. At this time last year, the one-year ARM averaged 5.11 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Lack of uncertainty around the Iraq conflict caused bond market yields to reverse their downward spiral of recent weeks and mortgage rates followed in tandem," said Frank Nothaft, Freddie Mac chief economist. "But there are other uncertainties about the length of the conflict and its impact on the economy that will influence mortgage rates in the weeks to come, so this rise in rates may be only temporary."
The National Mortgage Rate Snapshot
This Week One Week Ago One Year Ago
30-Yr 15-Yr 1-Yr
5.79 5.11 3.75
0.6 0.6 0.6
30-Yr 15-Yr 1-Yr
30-Yr 15-Yr 1-Yr
7.14 6.65 5.17
0.7 0.7 0.7

Source: Freddie Mac

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment