30-Year Fixed-Rate Mortgage Down Slightly to 3.38%

30-Year Fixed-Rate Mortgage Down Slightly to 3.38%The average 30-year, fixed-rate mortgage dipped slightly to 3.38 percent this week, with most loan products showing little change from last week, according to Freddie Mac.
The long-term rate was at 3.40 percent last week, and 3.88 percent a year ago.
Meanwhile, mortgage applications for home purchases and refinancing into lower-rate loans increased 15 percent last week, the first full week in the new year.
Mortgage rates were mostly flat to down a little this week as reports showed inflation remaining contained.
The overall producer price index rose 0.1 percent between November and December, below the market consensus forecast, and the consumer price index was unchanged.
For the year as a whole, consumer prices rose just 1.7 percent in 2012, almost half that of 2011’s increase of 3.0 percent.
Here’s the overview from Freddie Mac:
»» 30-year fixed-rate mortgage (FRM) averaged 3.38 percent, with an average 0.7 point, for the week ending January 17, 2013, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.
»» 15-year fixed-rate this week averaged 2.66 percent, with an average 0.7 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.17 percent.
»» 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.67 percent this week, with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 2.82 percent.
»» 1-year Treasury-indexed ARM averaged 2.57 percent this week, with an average 0.4 point, down from last week when it averaged 2.60. At this time last year, the 1-year ARM averaged 2.74 percent.

Leave a Reply

Your email address will not be published. Required fields are marked *