Mortgage Rates Higher

Mortgage rates moved a bit higher for the week ending March 28, 2013.  The 30-year fixed mortgage rate has remained below 4 percent for over a year.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up this week. The average 30-year fixed rate mortgage rose to 3.57 from 3.54 percent last week. Last year at this time the 30-year FRM averaged 3.99 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages rose to 2.76 percent from 2.72 last week. Last year at this time, the 15-year FRM averaged 3.23 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) rose to 2.68 percent from 2.61 percent last week. A year ago, the 5-year ARM averaged 2.90 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM was down slightly this week to 2.62 percent from 2.63 percent last week. Last year at this time, the 1-year ARM averaged 2.78 percent.

Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Low and relatively steady mortgage rates are invigorating the housing market. For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. This strong demand helped push the S&P/Case-Shiller® 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to The Conference Board.”

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 is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

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.

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