(January 11, 2013) Mortgage interest rates moved higher this week as the 30-year fixed rate mortgage reached an eight-week high according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending January 10th, while rates on adjustable-rate loans were mixed.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages were up this week with the 30-year fixed rate averaging 3.40 percent with an average of 0.7 points, up from last week’s average of 3.34 percent. It was the 42nd consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.89 percent.
Average 30-year rates were the lowest in the Western portion of the United States where mortgage rates averaged 3.36 percent while the highest rates were reported in the Southwestern and Northeastern areas of the country where interest rates averaged 3.44 percent.
The 15-year fixed rate mortgage averaged 2.66 percent with an average of 0.7 points, up from an average of 2.64 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 33 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 this week with the 5-year Treasury-indexed hybrid ARM averaging 2.67 percent, with an average of 0.6 points, down from an average of 2.71 percent last week. The 5-year adjustable rate mortgage averaged 2.82 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.60 percent with an average of 0.4 points, up from an average of 2.57 percent the previous week. A year ago, the 1-year adjustable rate mortgage averaged 2.76 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.8||0.7||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||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||0.7||0.6||0.6||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.7||0.4||0.7||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||0.7||0.8||0.7||0.6||0.7||0.6||0.6||0.4|
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