Fixed Mortgage Rates Jump

(February 1, 2013) Interest rates on fixed rate mortgages jumped this week with rates for 30-year fixed mortgages jumping 11 basis points while rates for 15-year fixed mortgages climbed 10 basis points according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending January 31st.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages climbed higher this week with the 30-year fixed rate averaging 3.53 percent with an average of 0.7 points, up from last week’s average rate of 3.42 percent. It was the 45th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.87 percent.

Interest rates on 30-year fixed rate mortgages are at their highest level since mid-September and have risen 22 basis points since their record low during the week of November 21, 2012.

Average 30-year rates were generally the lowest in the North Central portion of the United States where mortgage rates averaged 3.49 percent while the highest rates were reported in the Southwestern area of the country where interest rates averaged 3.57 percent.

The 15-year fixed rate mortgage averaged 2.81 percent this week with an average of 0.7 points, up from last week’s average rate of 2.71 percent. Mortgage rates for the 15-year fixed mortgage have been under three percent for 36 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.14 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages also moved higher this week with the 5-year Treasury-indexed hybrid ARM averaging 2.71 percent, with an average of 0.6 points, up from last week’s average of 2.67 percent. The 5-year adjustable rate mortgage averaged 2.80 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.59 percent with an average of 0.5 points, up from last week’s average of 2.57 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.74 percent.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.53 3.54 3.56 3.49 3.57 3.53
Fees & Points 0.7 0.6 0.8 0.7 0.7 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 2.81 2.82 2.83 2.75 2.86 2.79
Fees & Points 0.7 0.6 0.7 0.7 0.7 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.70 2.81 2.67 2.69 2.71 2.62
Fees & Points 0.6 0.6 0.7 0.6 0.7 0.6
Margin 2.74 2.74 2.75 2.73 2.77 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.59 2.57 2.61 2.56 2.58 2.60
Fees & Points 0.5 0.6 0.5 0.7 0.5 0.3
Margin 2.76 2.77 2.78 2.73 2.77 2.75

The National Mortgage Rate Snapshot One Year Ago One Week Ago
  30-YR 15-YR 5/1-YR 1-YR ARM 30-YR 15-YR 5/1-YR 1-YR ARM
Average 3.87   3.14   2.80   2.76   3.42   2.71   2.67   2.57  
Fees & Points 0.8   0.8   0.7   0.6   0.7   0.7   0.5   0.5  
Margin N/A N/A 2.74   2.76   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen