Freddie Mac last week released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving higher from the previous week. The 30-year fixed averaged 3.42 percent, its highest reading since September 29, 2012. Regardless, fixed-mortgage rates still remain highly affordable near their all-time record lows, and should continue to aid in the ongoing real estate and housing market recovery.
Mortgage rates were on their way up this week, with the 30-year fixed-rate mortgage moving to its highest reading since Sept. 29, 2012, Freddie Mac reports in its weekly mortgage market survey.
“Fixed mortgage rates were up slightly over the holiday week but remain highly affordable and should continue to aid in the ongoing housing recovery,” according to Frank Nothaft, vice president and chief economist for Freddie Mac. “For instance, existing home sales totaled 4.65 million in 2012, showing a 9.2 percent increase over 2011 and the strongest pace in five years. In addition, the Federal Housing Finance Agency’s purchase-only house price index rose 5.7 percent over the 12 months ending in November 2012, marking the largest annual increase since June 2006.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 24:
- 30-year fixed-rate mortgages: averaged 3.42 percent, with an average 0.7 point, rising from last week’s 3.38 percent average. A year ago at this time, 30-year fixed-rate mortgages averaged 3.98 percent. The record low for 30-year rates is 3.31 percent, set on Nov. 21, 2012.
- 15-year fixed-rate mortgages: averaged 2.71 percent, with an average 0.7 point, rising from last week’s 2.66 percent average. Last year at this time, 15-year rates averaged 3.24 percent.
- 5-year adjustable-rate mortgages: averaged 2.67 percent, with an average 0.5 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.85 percent.
- 1-year ARMs: averaged 2.57 percent, with an average 0.5 point, holding the same as last week. A year ago, 1-year AMRs averaged 2.74 percent.
This is filed under Home Selling.