FREDDIE MAC: Average 30-Year Fixed-Rate Mortgage Remains at 3.53 Percent; Mortgage Rates Unchanged or Head Lower.
30-year fixed-rate mortgage (FRM) averaged 3.53 percent with an average 0.8 point for the week ending February 7, 2013, the same as last week. Last year at this time, the 30-year FRM averaged 3.87 percent.
15-year FRM this week averaged 2.77 percent with an average 0.7 point, down from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week with an average 0.6 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.83 percent.
1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.4 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.78 percent.
"Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January," said Frank Nothaft, vice president and chief economist of Freddie Mac. "In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers. On top of that, the annual benchmark update showed payrolls grew by an additional 424,000 jobs between April 2011 and March 2012. The only downside to the report was that the unemployment rate ticked up from 7.8 to 7.9 percent in January, which is still historically high."
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.//