News Column

Mortgage Rates Start the New Year Near All-Time Record Lows

Jan 3 2013 12:00AM

Marketwire

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MCLEAN, VA -- (Marketwire) -- 01/03/13 -- Freddie Mac (OTCBB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates continuing to hover near their all-time record lows helping to keep homebuyer affordability high and aiding the ongoing housing recovery.

News Facts

30-year fixed-rate mortgage (FRM) averaged 3.34 percent with an average 0.7 point for the week ending January 3, 2013, down from last week when it averaged 3.35 percent. Last year at this time, the 30-year FRM averaged 3.91 percent.

15-year FRM this week averaged 2.64 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.71 percent this week with an average 0.6 point, up from last week when it averaged 2.70 percent. A year ago, the 5-year ARM averaged 2.86 percent.

1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.4 point, up from last week when it averaged 2.56. At this time last year, the 1-year ARM averaged 2.80 percent.



Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

"Mortgage rates started the year near record lows which should continue to aid the ongoing housing recovery. New home sales rose in November to a two-year high and were up 15.3 percent from the previous November. Similarly, pending sales on existing homes increased for the third month in November to the strongest pace since April 2010."

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter: @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four homebuyers and is one of the largest sources of financing for multifamily housing. www.FreddieMac.com.



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MEDIA CONTACT:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com





Source: Marketwire


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