Mortgage Rates Edge Up This Week

Mortgage Rates Edge Up This Week

Mortgage Rates Edge Up This Week

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Thirty-year fixed-rate mortgages, the most popular among home buyers, reached their highest reading in eight weeks, Freddie Mac reports in its weekly mortgage market survey.

“Fixed mortgage rates increased slightly following a positive employment report for December,” says Frank Nothaft, Freddie Mac’s chief economist. “The economy added 155,000 jobs, above the consensus market forecast, and November’s job growth was revised upward by another 24,000 workers. This helped keep the unemployment rate steady at 7.8 percent, the lowest since December 2008.”

Here’s a closer look at national averages of mortgage rates for the week ending Jan. 10, according to Freddie Mac.

  • 30-year fixed-rate mortgages: averaged 3.40 percent, with an average 0.7 point, rising from last week’s 3.34 percent average. The record low for 30-year rates was reached on Nov. 21, 2012, averaging 3.31 percent. A year ago at this time, 30-year rates averaged 3.89 percent.
  • 15-year fixed-rate mortgages: averaged 2.66 percent, with an average 0.7 point, increasing from last week’s 2.64 percent average. Last year at this time, 15-year rates averaged 3.16 percent.
  • 5-year adjustable-rate mortgages: averaged 2.67 percent, with an average 0.6 point, dropping from last week’s 2.71 percent average. Last year at this time, 5-year ARMs averaged 2.82 percent.
  • 1-year ARMs: averaged 2.60 percent, with an average 0.5 point, rising from last week’s 2.57 percent average. A year ago, 1-year ARMs averaged 2.76 percent.

Source: Freddie Mac

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