Mortgage Rates Unchanged or Lower, 30-Year at 3.53%

Mortgage Rates Unchanged or Lower, 30-Year at 3.53%The 30-year fixed-rate mortgage held at 3.53 percent this week after mostly climbing from its record low of 3.31 percent first reached in November.
Last week, it surpassed 3.5 percent for the first time since September 13th of last year.
Mixed economic news slowed the longterm rate’s rise.
In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers.  However, the unemployment rate ticked up from 7.8 to 7.9 percent in January, which is still historically high.
Gross domestic product, the best measure of the nation’s economic growth, contracted at an annual rate of 0.1 percent from October to December, the Commerce Department said last week. It was the first quarterly contraction since the second quarter of 2009.
Here is Freddie Mac’s overview:
»» 30-year fixed-rate mortgage averaged 3.53 percent, with an average 0.8 point, for the week ending February 7, 2013, the same as last week. Last year at this time, the 30-year fixed rate averaged 3.87 percent.
»» 15-year fixed rate this week averaged 2.77 percent, with an average 0.7 point, down from last week when it averaged 2.81 percent. A year ago at this time, the 15-year fixed rate averaged 3.16 percent.
»» 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week, with an average 0.6 point, down from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.83 percent.
»» 1-year Treasury-indexed ARM averaged 2.53 percent this week, with an average 0.4 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.78 percent.

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