Mortgage Rates Creep Upwards

Posted on: January 14th, 2013 by The Colony Team No Comments

Last week, Freddie Mac reported in its weekly mortgage market survey that 30-year fixed-rate mortgages, the most popular among home buyers purchasing new homes for sale, reached their highest level in 8 weeks.  This increase followed a positive employment report for the month of December, said Frank Nothaft, chief economist for Freddie Mac.  Rising mortgage rates, along with increasing home prices, may encourage on-the-fence home buyers looking at new condos for sale, to take that exciting step into homeownership and purchase into a new home community, like Colony at the Grand, before both rates and prices rise any higher.  The following includes national averages of mortgage rates for the week ending Jan. 10, 2013:

30-year fixed-rate mortgages: averaged 3.40%, with an average 0.7 point, up from last week’s 3.34% average. The record low for 30-year rates was reached on Nov. 21, 2012, and averaged 3.31%.  30-year rates averaged 3.89% a year ago at this time.

15-year fixed-rate mortgages: averaged 2.66%, with an average 0.7 point, rising from last week’s 2.64% average.  15-year rates averaged 3.16% last year at this time.

5-year adjustable-rate mortgages: averaged 2.67%, with an average 0.6 point, down from last week’s 2.71% average.  5-year ARMs averaged 2.82% a year ago at this time.

1-year ARMs: averaged 2.60%, with an average 0.5 point, increasing from last week’s 2.57% average.  1-year ARMs averaged 2.76%, last year at this time.

 

 

Source:  NAR

 

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