Mortgage Rates Nudge Up, 30-Year Remains at Record Low

February 9, 2012 (Shirley Allen)

Mortgage interest rates nudged up slightly this week with the exception of the 30-year fixed mortgage which remained at last week’s all-time low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending February 2nd.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages were mixed this week with the 30-year fixed rate mortgage remaining at its all-time low average of 3.87 percent with an average of 0.8 points. A year ago, the 30-year fixed rate mortgage averaged 5.05 percent.

It was the 14th consecutive week that 30-year fixed mortgage rates have been four percent or less.

The 15-year fixed rate mortgage averaged 3.16 percent with an average of 0.7 points, up from last week’s average of 3.14 percent which was the previous all-time average low for the 15-year fixed mortgage. At this time last year, the 15-year fixed rate mortgage averaged 4.29 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable mortgages moved up slightly this week with the 5-year Treasury-indexed hybrid ARM averaging 2.83 percent, up from last week’s average of 2.80 percent, with an average of 0.7 points. Last weeks average rate was an all-time average low for the 5-year ARM. The 5-year adjustable rate mortgage averaged 3.92 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage also increased slightly this week averaging 2.78 percent with an average of 0.6 points, up from an average of 2.76 percent a week ago. A year ago, the 1-year adjustable rate mortgage averaged 3.35 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “A strong January employment report added upward pressure to most mortgage rates this week. The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3 percent, which was the lowest since February 2009. Although historical revisions also added 266,000 even more workers, they caused the labor participation rate to fall to 63.7 percent, representing the smallest share since May 1983, which offset some of the rise in mortgage rates.”

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.87 3.86 3.89 3.88 3.90 3.84
Fees & Points 0.8 0.8 0.9 0.7 0.8 0.8

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.16 3.16 3.17 3.14 3.22 3.15
Fees & Points 0.7 0.7 0.8 0.6 0.8 0.8

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.83 2.87 2.84 2.96 2.73 2.74
Fees & Points 0.7 0.8 0.8 0.6 0.9 0.7
Margin 2.74 2.73 2.75 2.73 2.76 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.78 2.96 2.63 2.90 2.64 2.68
Fees & Points 0.6 0.7 0.6 0.5 0.6 0.5
Margin 2.76 2.79 2.75 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 5.05   4.29   3.92   3.35   3.87   3.14   2.80   2.76  
Fees & Points 0.7   0.7   0.6   0.6   0.8   0.8   0.7   0.6  
Margin N/A N/A 2.75   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