Average Mortgage Rates Move Higher
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages rose for the week ending January 10, 2013. The average 30-year fixed rate mortgage rose to 3.40 percent – from last week’s average of 3.34 percent. This is the highest reading in eight weeks. Last year at this time the 30-year FRM averaged 3.89 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages rose to 2.66 percent from 2.64 last week. Last year at this time, the 15-year FRM averaged 3.16 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell slightly to 2.67 percent – from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.82 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM rose to 2.60 percent from 2.57 last week. Last year at this time, the 1-year ARM averaged 2.76 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Fixed mortgage rates increased slightly following a positive employment report for December. The economy added 155,000 jobs, above the consensus market forecast, and November’s job growth was revised upward by another 24,000 workers. This helped keep the unemployment rate steady at 7.8 percent, the lowest since December 2008. For all of 2012, 1.86 million jobs were created and represented the largest annual gain since 2006.”
Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.