(February 1, 2013) Mortgage interest rates trended downward slightly this week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending February 7, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages remained at or were below the previous week’s averages with the 30-year fixed rate remaining unchanged from the previous week at 3.53 percent with an average of 0.8 points. It was the 46th 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 have increased by 22 basis points since their record low during the week of November 21, 2012.
Average 30-year rates were generally the lowest in the Western 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 3.59 percent.
The 15-year fixed rate mortgage averaged 2.77 percent this week with an average of 0.7 points, down from last week’s average rate of 2.81 percent. Mortgage rates for the 15-year fixed mortgage have been under three percent for 37 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 moved lower this week with the 5-year Treasury-indexed hybrid ARM averaging 2.63 percent, with an average of 0.6 points, down from last week’s average of 2.71 percent. The 5-year adjustable rate mortgage averaged 2.83 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.53 percent with an average of 0.4 points, down from last week’s average of 2.59 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.78 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|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|
|Fees & Points||0.7||0.8||0.8||0.7||0.7||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.6||0.6||0.7||0.7|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.5||0.4||0.4||0.4||0.3|
|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|
|Fees & Points||0.8||0.7||0.7||0.6||0.7||0.7||0.6||0.5|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen