Fixed Mortgage Rates Move Higher
January 24, 2013
Fixed mortgage rates moved higher from the previous week, according to the latest Freddie Mac Primary Mortgage Market Survey, as the 30-year fixed reached its highest reading since Sept. 29, 2012.
Regardless, fixed-mortgage rates still remain highly affordable near their all-time record lows, and should continue to aid in the ongoing housing recovery, Freddie Mac reported.
The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average .7 point for the week ending Jan. 24, up from last week when it averaged 3.38 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.
Meanwhile, the 15-year FRM this week averaged 2.71 percent with an average .7 point, up from last week when it averaged 2.66 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.67 percent this week with an average 0.5 point, the same as last week. A year ago, the 5-year ARM averaged 2.85 percent.
The 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average .5 point, the same as last week. At this time last year, the 1-year ARM averaged 2.74 percent.