Freddie Mac reported further easing in mortgage rates in the week ending March 11. The 30-year fixed mortgage rates averaged 4.95%, down two basis points from last week and its lowest level since mid-February.

In the other lending programs, 15-year fixed mortgage rates slipped one basis point to 4.32%, 5/1 hybrid ARMs declined six basis points to 4.05%, while one-year ARMs averaged 4.22%, down five basis points from last week.   

With rates holding below 5%, the Mortgage Bankers Association's Refinance Index should remain around an "elevated" 3000 area.

On an historic basis, however, refinancing activity is very muted relative to mortgage rate levels due to home price declines, tight credit, and high unemployment. 

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