Mortgage Rates Holding Steady

Fixed mortgage rates hold steady.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up slightly for the week ending March 7, 2013. The average 30-year fixed rate mortgage rose to 3.52 from 3.51 percent last week. Last year at this time the 30-year FRM averaged 3.88 percent.

 

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages held steady at 2.76 percent. Last year at this time, the 15-year FRM averaged 3.13 percent.

 

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) rose to 2.63 percent from 2.61 percent last week. A year ago, the 5-year ARM averaged 2.81 percent.

 

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM was down this week to 3.63 percent from 2.64 percent last week. Last year at this time, the 1-year ARM averaged 2.73 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:

“With gross domestic product growing only 0.1 percent in the fourth quarter of 2012, inflation remains at bay and consequently mortgage rates low. In fact, the price index of personal consumption expenditures rose only 0.1 percent in January which was below the market consensus forecast. Moreover, these low mortgage rates are helping to revive the housing market. For instance the CoreLogic® home price index rose 9.7 percent between January 2012 and 2013, marking the largest annual increase since April 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.

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