Mortgage Rates Reverse Course on Positive Housing Data
|January 26, 2012|
Average mortgage rates climbed as the housing market ended 2011 on a high note, according to the latest Freddie Mac Primary Mortgage Market Survey.
The30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.7 point for the week ending Jan. 26, up from last week when it averaged 3.88 percent. Last year at this time, the 30-year FRM averaged 4.80 percent. The jump reverses its previous three-week trend of settling all-time record lows. Despite the jump, this marks the eighth consecutive week the 30-year fixed has remained below 4 percent.
Meanwhile, the 15-year FRM this week averaged 3.24 percent with an average 0.8 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 4.09 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.7 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 3.70 percent.
The 1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.6 point, matching last week when it averaged 2.74 percent. At this time last year, the 1-year ARM averaged 3.26 percent.