In Freddie Mac's results of its Primary Mortgage Market Survey®, fixed
mortgage rates moved higher following December's employment report. The 30-year
fixed averaged 3.40 percent, its highest reading in eight weeks. The all-time
record low for the average 30-year fixed was 3.31 percent set November 21, 2012.
30-year fixed-rate mortgage (FRM) 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 FRM this week 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 this week 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 this week 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.
According to Frank Nothaft, vice president and chief economist, Freddie Mac:
"Fixed mortgage rates increased slightly following a positive
employment report for December. The economy added 155,000 jobs, above the
consensus market forecast, and November's job growth was revised upward by
another 24,000 workers. This helped keep the unemployment rate steady at 7.8
percent, the lowest since December 2008. For all of 2012, 1.86 million jobs were
created and represented the largest annual gain since
2006."
January 11, 2013, Published by Realty Times
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