Interest rates for 30-year fixed mortgages rose week-over-week but remain near historical lows, Freddie Mac revealed in its weekly mortgage report.
According to Freddie Mac’s Primary Mortgage Market Survey for the week ending December 20, 2012, average rates for 30-year fixed-rate mortgages rose to 3.37 percent from 3.32 percent the previous week.
Shorter-term 15-year fixed-rate mortgages saw a slight drop in average rates week-over-week, falling to 2.65 percent from 2.66 percent the previous week.
One year earlier at this time, 30-year fixed-rate mortgages averaged 3.91 percent, while 15-year fixed-rate mortgages averaged 3.21 percent.
“Mortgage rates were mixed this week following data reports on stable inflation and a thriving home construction market,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “The 12-month growth in the core consumer price index has remained between 1.9 and 2.1 percent for the past five consecutive months ending in November.”
Nothaft continued: “Meanwhile, housing starts averaged the strongest three months in November since September 2008, and homebuilder confidence rose in December to its highest reading since April 2008.”
Average rates for 5-year adjustable-rate mortgages (ARMs) rose slightly to 2.71 percent from 2.70 percent the previous week. This is the second straight week of increases for 5-year ARMs, which also ticked up slightly last week.
Meanwhile, 1-year ARMs fell slightly from 2.53 percent to 2.52 percent week-over-week.
One year ago at this time, 5-year ARMs averaged 2.85 percent, and 1-year ARMs averaged 2.77 percent.