Mortgage Rates Remain Unchanged at 3.53 Percent for the Week

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), finding that the 30-year fixed-rate mortgage (FRM) averaged 3.53 percent with an average 0.8 point for the week ending Feb. 7, 2013, the same as last week. Last year at this time, the 30-year FRM averaged 3.87 percent. Also this week, the 15-year FRM averaged 2.77 percent with an average 0.7 point, down from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent. "Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January. In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers," said Frank Nothaft, vice president and chief economist, Freddie Mac. "On top of that, the annual benchmark update showed payrolls grew by an additional 424,000 jobs between April 2011 and March 2012. The only downside to the report was that the unemployment rate ticked up from 7.8 to 7.9 percent in January, which is still historically high." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week with an average 0.6 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.83 percent. Also this week, the one-year Treasury-indexed ARM averaged 2.53 percent with an average 0.4 point, down from last week when it averaged 2.59 percent. At this time last year, the one-year ARM averaged 2.78 percent.