Mortgage rates on the rise again
30-year fixed rate highest since September
Mortgage rates increased on a weekly basis, Freddie Mac said in its most recent weekly mortgage report, with the 30-year fixed rate reaching its highest mark since September 29, 2012.
According to Freddie Mac’s Primary Mortgage Market Survey for the week ending January 24, 2013, fixed mortgage rates rose week-over-week and adjustable-rate mortgage stayed even.
Average rates for 30-year fixed mortgages rose to 3.42 percent from 3.38 percent the previous week, while 15-year fixed mortgage rose to 2.71 percent from 2.66 percent one week earlier.
One year ago at this time, 30-year fixed mortgages averaged 3.98 percent and 15-year fixed mortgages averaged 3.24 percent.
ARM rates remain unchanged
ARM rates stayed even week-over-week, Freddie Mac said.
Average rates for 5-year ARMs came in at 2.67 percent, while 1-year ARMs averaged 2.57 percent – each the same as the previous week.
One year ago at this time, 5-year ARMs averaged 2.85 percent and 1-year ARMs averaged 2.74 percent.
Rates still relatively low
Despite the upward trend in fixed mortgage rates seen in recent weeks, rates are still near historical lows, which is keeping homebuyer affordability high.
“Fixed mortgage rates were up slightly over the holiday week but remain highly affordable and should continue to aid in the ongoing housing recovery,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.
Nothaft continued: “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.”
See also: Mortgage rate archives