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Mortgage Rates

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

Freddie Mac recently released the results of its Primary Mortgage Market Survey(R) (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.

The 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.

Results showed that the 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.

Additionally the 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.

The 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.

"Mortgage rates started the year near record lows which should continue to aid the ongoing housing recovery" says Frank Nothaft vice president and chief economist Freddie Mac.

"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."

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