Results showed that the 30-year fixed-rate mortgage (FRM) 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.
Additionaly the 15-year FRM 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 FRM averaged 3.13 percent.
The survey shows that the 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.
The 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.
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 the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
"With gross domestic product growing only 0.1 percent in the fourth quarter of 2012 inflation remains at bay and consequently mortgage rates low" says Frank Nothaft vice president and chief economist Freddie Mac.. In fact the price index of personal consumption expenditures rose only 0.1 percent in January which was below the market consensus forecast. Moreover these low mortgage rates are helping to revive the housing market. For instance the CoreLogic home price index rose 9.7 percent between January 2012 and 2013 marking the largest annual increase since April 2006."