FREDDIE MAC: Average 30-Year Fixed-Rate Mortgage Up a Smidgen
Thursday, February 21, 2013 - 17:39 By David M. Kinchen Huntingtonnews.net Real Estate Writer
After being flat for three straight weeks, the 30-year fixed rate mortgage edged up to 3.56 percent, while the 15-year fixed remained unchanged at 2.77 percent, according to Freddie Mac's (OTC: FMCC) latest Primary Mortgage Market Survey® (PMMS®), released Thursday, Feb. 21, 2013. Freddie Mac said average fixed mortgage rates changed little over the past four weeks -- helping to spur new home construction. "Mortgage rates have been relatively stable, hovering near record lows, for the past four weeks which is helping to spur new home construction," said Frank Nothaft, Freddie Mac's vice president and chief economist. "For instance, new construction on single-family houses rose to an annualized rate of 613,000 in January, the most since July 2008. In addition, single-family building permits were up to the highest issuance level since June 2008."
> 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.8 point for the week ending February 21, 2013, up from last week when it averaged 3.53 percent. Last year at this time, the 30-year FRM averaged 3.95 percent.
> 15-year FRM this week averaged 2.77 percent with an average 0.8 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.19 percent.
> 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent this week with an average 0.5 point, the same as last week. A year ago, the 5-year ARM averaged 2.80 percent.
> 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, up from last week when it averaged 2.61 percent. At this time last year, the 1-year ARM averaged 2.73 percent.
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.
More information: www.FreddieMac.com. Twitter: @FreddieMac