Mortgage Rates Hold Steady
Fixed mortgage rates remained mostly flat this week and stayed near record lows, Freddie Mac reported March 7 in its weekly Primary Mortgage Market Survey.
The 30-year fixed rate rose 0.01 percent since last week to 3.52 percent (down from 3.88 percent a year ago). The 15-year fixed-rate remained flat at 2.76 percent (down from 3.13 percent a year ago).
The one-year adjustable-rate mortgage fell 0.01 percentage points to 2.63 percent (down from 2.73 percent a year ago). The five-year Treasury-indexed ARM increased 0.02 percentage points to 2.63 percent (down from 2.81 percent a year ago).
“With gross domestic product growing only 0.1 percent in the fourth quarter of 2012, inflation remains at bay and consequently mortgage rates low,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “Moreover, these low mortgage rates are helping to revive the housing market. For instance the CoreLogic home price index rose 9.7 percent between January 2012 and 2013, marking the largest annual increase since April 2006,” Nothaft said.
View Freddie Mac’s weekly Primary Mortgage Market Survey.