Mortgage Rates Moving Up

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 for the week ending March 14, 2013. The average 30-year fixed rate mortgage rose to 3.63 from 3.52 percent last week. Last year at this time the 30-year FRM averaged 3.92 percent.

 

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages rose to 2.79 percent from 2.76 last year. 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 to 2.61 percent from 2.63 percent last week. A year ago, the 5-year ARM averaged 2.83 percent.

 

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM was up this week to 2.64 percent from 2.63 percent last week. Last year at this time, the 1-year ARM averaged 2.79 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:

“Fixed mortgage rates rose this week on stronger signs of jobs growth and consumer spending. The economy added 236,000 new workers in February which helped push down the unemployment rate to 7.7 percent. This helped offset the effects of the payroll tax holiday expiration and led to a 1.1 percent increase in retail sales, which was well above the market consensus forecast.”

 

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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