Mortgage Rates Remain Near 2013 Lows

Average fixed-rate mortgages are holding near historical lows, but did inch higher this week amid a stronger employment report, Freddie Mac reports in its weekly mortgage market survey.

The economy added 257,000 new jobs in January, following additional increases in December (329,000) and November (423,000).

Despite this week’s uptick in rates, fixed-rate mortgages remain near lows from May 23, 2013, Freddie Mac reports.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 12:

• 30-year fixed-rate mortgages: averaged 3.69 percent, with an average 0.6 point up from last week’s 3.59 percent average. A year ago, 30-year rates averaged 4.28 percent.
• 15-year fixed-rate mortgages: averaged 2.99 percent, with an average 0.6 point, rising from last week’s 2.92 percent average. Last year at this time, 15-year rates averaged 3.33 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, up from last week’s 2.82 percent average. A year ago, 5-year ARMs averaged 3.05 percent.
• 1-year ARMs: averaged 2.42 percent, with an average 0.4 point, also up from last week’s 2.39 percent average. Last year at this time, 1-year ARMs averaged 2.55 percent.

Source: Freddie Mac

Buyers note:  not only are interest rates incredibly low but values are increasing in the Traverse City Real Estate market so if you intend on purchasing sooner is better.  The higher values climb , and possibly interest rates the less buying power you have.   Many have the thought of " I will wait until spring there will be more on the market to pick from" which is true , however there are hundreds of other buyers out there with the same mentality and you will have a lot more competition for a home and increased possibilities for multiple offers , again driving the price up.  Also keep in mind once you identify the home you do want, get an offered and work through the inspection & mortgage process it is usually 45-60 days before you close and can move in ..which already puts us into April.

Contact Jon Becker - Century 21 Northland anytime with any real estate questions or needs, local lenders to speak with regarding financing, and the latest listings 24/7 delivered right to your email.