30-Year Fixed Mortgage Climbs to 3.63% as Economy Strengthens

30-Year Fixed Mortgage Climbs to 3.63% as Economy StrengthensThe 30-year-fixed this week averaged 3.63 percent, its highest reading since the week of August 23, 2012 as rates overall are being supported by strong reports on jobs, consumer spending and the housing market, according to Freddie Mac.
The 30-year fixed hit its all-time, average low of 3.31 percent the week of November 21, 2012.
Freddie Mac’s update Thursday reflect a similar trend to that of the Mortgage Bankers Association.
The MBA said Wednesday that the 30-year fixed rate jumped to 3.81 percent last week —  on most conforming loan balances of $417,500 or less — on 80 percent loan-to-value loans, from 3.7 percent the previous week.
Fixed mortgage rates rose primarily on signs of jobs growth and higher consumer spending.
The economy added 236,000 new workers in February, which helped push down the unemployment rate to 7.7 percent. This helped offset the effects of the payroll tax holiday expiration and led to a 1.1 percent increase in retail sales. Both reports were well above market expectations.
Here is Freddie Mac’s overview of mortgage rates:
30-year fixed-rate mortgage averaged 3.63 percent, with an average 0.8 point for the week ending March 14, 2013, up from last week when it averaged 3.52 percent. Last year at this time, the 30-year fixed-rate averaged 3.92 percent.
15-year fixed-rate this week averaged 2.79 percent, with an average 0.8 point, up from last week when it averaged 2.76 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 2.61 percent, with an average 0.6 point, down from last week when it averaged 2.63 percent. A year ago, the 5-year ARM averaged 2.83 percent.
1-year Treasury-indexed ARM averaged 2.64 percent, with an average 0.4 point, up from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.79 percent.

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