Mortgage Rates Rise Slightly to 3.57 Percent for the Week

Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates moving slightly higher for the week but still remaining near historic lows, as the 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.8 point for the week ending March 28, 2013, up from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.99 percent. Also this week, the 15-year FRM averaged 2.76 percent with an average 0.7 point, up from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent. "Low and relatively steady mortgage rates are invigorating the housing market," said Frank Nothaft, vice president and chief economist, Freddie Mac. "For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. This strong demand helped push the S&P/Case-Shiller 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to The Conference Board." The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent this week with an average 0.6 point, up from last week when it averaged 2.61 percent. A year ago, the five-year ARM averaged 2.90 percent. The one-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, down from last week when it averaged 2.63 percent. At this time last year, the one-year ARM averaged 2.78 percent.