Mortgage Rates Edge Higher
Fixed mortgage rates moved slightly higher this week, Freddie Mac reported Jan. 24 in its weekly Primary Mortgage Market Survey.
The 30-year fixed rate rose 0.04 percentage points this week to 3.42 percent (down from 3.98 percent a year ago). The 15-year fixed rate increased 0.01 percent to 2.67 percent (down from 3.24 percent a year ago).
The one-year adjustable-rate mortgage remained the same as last week at 2.57 percent (down from 2.74 percent a year ago). The five-year Treasury-indexed adjustable rate also stayed steady at 2.67 percent (down from 2.85 percent a year ago).
“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, Freddie Mac vice president and chief economist, said in a news release. “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. In addition, the Federal Housing Finance Agency's purchase-only house price index rose 5.7 percent over the 12 months ending in November 2012, marking the largest annual increase since June 2006.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.