Good economic news was bad news for fixed rate mortgages this week as the 30-year fixed rate hit its highest level since August of last year according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending March 14, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages climbed higher from last week with the 30-year fixed rate increasing eleven basis points this week to 3.63 percent with an average of 0.8 points. It was the 51st consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.92 percent.
Average 30-year rates were generally the lowest in the North Central and Western portions of the United States where mortgage rates averaged 3.60 percent while the highest rates were reported in the Southwestern area of the country where interest rates averaged 3.67 percent.
The 15-year fixed rate mortgage increased to 2.79 percent with an average of 0.8 points from an average of 2.76 percent Mortgage rates for the 15-year fixed mortgage have been under three percent for 42 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.16 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed again this week with the 5-year Treasury-indexed hybrid ARM averaging 2.61 percent, with an average of 0.6 points, down from 2.63 percent last week. The 5-year adjustable rate mortgage averaged 2.83 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.64 percent with an average of 0.4 points, up slightly from last week’s average of 2.63 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.79 percent.
30-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 3.63 | 3.64 | 3.65 | 3.60 | 3.67 | 3.60 |
Fees & Points | 0.8 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 |
15-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.79 | 2.83 | 2.81 | 2.75 | 2.84 | 2.76 |
Fees & Points | 0.8 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 |
5/1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.61 | 2.64 | 2.65 | 2.66 | 2.60 | 2.55 |
Fees & Points | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.6 |
Margin | 2.74 | 2.75 | 2.75 | 2.73 | 2.76 | 2.74 |
1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
---|---|---|---|---|---|---|
Average | 2.64 | 2.73 | 2.58 | 2.75 | 2.57 | 2.55 |
Fees & Points | 0.4 | 0.5 | 0.5 | 0.2 | 0.4 | 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 | 3.92 | 3.16 | 2.83 | 2.79 | 3.52 | 2.76 | 2.63 | 2.63 |
Fees & Points | 0.8 | 0.8 | 0.8 | 0.6 | 0.7 | 0.7 | 0.5 | 0.3 |
Margin | N/A | N/A | 2.74 | 2.76 | N/A | N/A | 2.75 | 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