Fixed Mortgage Rates Move Higher
MCLEAN, VA -- (Marketwire) -- 01/24/13 -- Freddie Mac (OTCBB: FMCC)
today released the results of its Primary Mortgage Market Survey(R)
(PMMS(R)), showing fixed mortgage rates moving higher from the
previous week. The 30-year fixed averaged 3.42 percent, its highest
reading since September 29, 2012. Regardless, fixed-mortgage rates
still remain highly affordable near their all-time record lows, and
should continue to aid in the ongoing housing recovery.
-- 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an
average 0.7 point for the week ending January 24, 2013, up from last
week when it averaged 3.38 percent. Last year at this time, the
30-year FRM averaged 3.98 percent.
-- 15-year FRM this week averaged 2.71 percent with an average 0.7 point,
up from last week when it averaged 2.66 percent. A year ago at this
time, the 15-year FRM averaged 3.24 percent.
-- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged
2.67 percent this week with an average 0.5 point, the same as last
week. A year ago, the 5-year ARM averaged 2.85 percent.
-- 1-year Treasury-indexed ARM averaged 2.57 percent this week with an
average 0.5 point, the same as last
week. At this time last year, the
1-year ARM averaged 2.74 percent.
Average commitment rates should be reported along with average fees and
points to reflect the total upfront cost of obtaining the mortgage.
Visit the following links for Regional and National Mortgage Rate
Details and Definitions. Borrowers may still pay closing costs which
are not included in the survey.
Attributed to Frank Nothaft,
vice president and chief economist, Freddie Mac.
"Fixed mortgage rates were up slightly over the holiday week but
remain highly affordable and should continue to aid in the ongoing
housing recovery. For instance, existing home sales totaled 4.65
million in 2012, showing a 9.2 percent increase over 2011 and the
strongest pace in five years. In addition, the Federal Housing
Finance Agency's purchase-only house price index rose 5.7 percent
over the 12 months ending in November 2012, marking the largest
annual increase since June 2006."
Get the latest information from Freddie Mac's Office of the Chief
Economist on Twitter: @FreddieMac
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage
markets. Freddie Mac supports communities across the nation by
providing mortgage capital to lenders. Today Freddie Mac is making
home possible for one in four homebuyers and is one of the largest
sources of financing for multifamily housing. www.FreddieMac.com.
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