30-Year Mortgage Rate at 3.40%, Highest in 8 Weeks

30-Year Mortgage Rate at 3.40%, Highest in 8 WeeksIt’s still not that far from its record low, but the 30-fixed rate mortgage averaged 3.40 percent this week, its highest mark in eight weeks, according to Freddie Mac.
The all-time record low for the average 30-year fixed was 3.31 percent set November 21, 2012.
Positive economic news in the new year helped keep rates from easing.
“Fixed mortgage rates increased slightly following a positive employment report for December,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
The economy added 155,000 jobs, above the consensus market forecast, while November’s job growth was revised upward by another 24,000 workers.
For all of 2012, 1.86 million jobs were created and represented the largest annual gain since 2006.
Here is Freddie Mac’s rundown of mortgage rates:
30-year fixed-rate mortgage averaged 3.40 percent, with an average 0.7 point, for the week ending January 10, 2013, up from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.89 percent.
15-year fixed rate averaged 2.66 percent, with an average 0.7 point, up from last week when it averaged 2.64 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.67 percent, with an average 0.6 point, down from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.82 percent.
1-year Treasury-indexed ARM averaged 2.60 percent, with an average 0.5 point, up from last week when it averaged 2.57. At this time last year, the 1-year ARM averaged 2.76 percent.

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