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Mortgage Rates inch Higher

By
Real Estate Agent with Kanam Realty Group/Kanam Commercial 0611757

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, MetroTex Association of Realtors (Dallas)

POSTED BY:

         

 Shuchi Agrawal

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Comments (1)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Well Shuchi that's to be expected that the rates would go up eventually. Good luck we will all have to make adjustments as conditions in our respective markets change. Thank you for sharing.

Feb 25, 2015 04:53 AM