Average fixed mortgage rates were mostly unchanged this week as the 30-year fixed rate nudged up just one basis point to 3.52 percent, still fairly close to its all-time low of 3.31 percent first hit in November.
Last week, mortgage rates finally made a somewhat substantial move downward after barely moving or creeping upward over the past month, Freddie Mac reported.
Low mortgage rates are helping to revive the housing market, as recent reports show steady gains in home prices and sales, and a positive outlook for new home construction.
CoreLogic’s home price index rose 9.7 percent between January 2012 and 2013, marking the largest annual increase since April 2006.
Other economic factors are keeping a lid on rates for now.
“With gross domestic product growing only 0.1 percent in the fourth quarter of 2012, inflation remains at bay and consequently mortgage rates low,” said Frank Nothaft, vice president and chief economist, Freddie. “In fact, the price index of personal consumption expenditures rose only 0.1 percent in January, which was below the market consensus forecast.”
Here is Freddie Mac’s overview of mortgage rates:
- 30-year fixed-rate mortgage averaged 3.52 percent, with an average 0.7 point for the week ending March 7, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.
- 15-year fixed rate this week averaged 2.76 percent, with an average 0.7 point, the same as last week. A year ago at this time, the 15-year fixed rate averaged 3.13 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.63 percent this week, with an average 0.5 point, up from last week when it averaged 2.61 percent. A year ago, the 5-year ARM averaged 2.81 percent.
- 1-year Treasury-indexed ARM averaged 2.63 percent this week, with an average 0.3 point, down from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.73 percent.