Mortgage rates stayed relatively even week-over-week, remaining near record lows, Freddie Mac said in a recent report.
According to Freddie Mac’s most recent Primary Mortgage Market Survey (for the week ending February 14, 2013), interest rates were little changed on a weekly basis. The fact that rates are staying near historical lows is helping to maintain support of increased housing demand, Freddie Mac noted.
“Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “The median sales price of existing homes rose 10 percent between fourth quarter 2011 and 2012, the largest year-over-year gain in seven years.”
Average rates for 30-year fixed mortgages stayed even week-over-week at 3.53 percent, while 15-year fixed mortgages remained stable at 2.77 percent.
One year ago at this time, 30-year fixed mortgages averaged 3.87 percent and 15-year fixed mortgages averaged 3.16 percent.
Interest rates for adjustable-rate mortgages (ARMs) increased on a weekly basis.
Rates for 5-year ARMs rose slightly from 2.63 percent to 2.64 percent, while 1-year ARMs saw an increase from an average of 2.53 percent to 2.61 percent.
One year ago at this time, 5-year ARMs averaged 2.82 percent and 1-year ARMs averaged 2.84 percent.
Recent improvement was seen in the housing market of numerous metropolitan areas, Nothaft noted.
“Among large metropolitan areas, 88 percent saw positive annual increases in the fourth quarter, compared to 81 percent in the third quarter and 75 percent in the second,” he said. “The largest gains occurred in Phoenix (34 percent), Detroit (31 percent) and San Francisco (28 percent).”