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Mortgage Rates Begin Slow Climb Above the 3.5 Percent Mark

NationalMortgageProfessional.com
Jan 31, 2013

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing mortgage rates continuing to trend higher amid a growing economy led in part by the recovering housing market. This marks the first week the 30-year fixed-rate mortgage (FRM) has averaged above 3.5 percent since Sept. 13, 2012. This week, the 30-year FRM averaged 3.53 percent with an average 0.7 point, up from last week when it averaged 3.42 percent. Last year at this time, the 30-year FRM averaged 3.87 percent.The all-time record low for the 30-year fixed was set the week of Nov. 21, 2012, when it averaged 3.31 percent. "Mortgage rates continued to trend upwards this week amid a growing economy led in part by the recovering housing market. For instance, new home sales totaled 367,000 in 2012, the most in three years and reflected the first annual increase in seven years. Pending home sales in 2012 averaged its highest reading since 2006,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “The S&P/Case-Shiller 20-city composite house price index rose 5.5 percent over the 12-months ending in November 2012, the largest annual growth since August 2006. All of these factors helped residential fixed investment to add nearly 0.4 percentage points to real GDP growth in the fourth quarter alone." Also this week, the 15-year FRM this week averaged 2.81 percent with an average 0.7 point, up from last week when it averaged 2.71 percent. A year ago at this time, the 15-year FRM averaged 3.14 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent with an average 0.6 point, up from last week when it averaged 2.67 percent. A year ago, the five-year ARM averaged 2.80 percent. The one-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.5 point, up from last week when it averaged 2.57 percent. At this time last year, the one-year ARM averaged 2.76 percent.
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