Mortgage Rates Reverse, Head Lower This Week
MORTGAGE RATES REVERSE, HEAD LOWER THIS WEEK
Article by: Daily Real Estate News (March 22, 2013)
Mortgage rates moved lower this week, just in time for the spring home buying season, Freddie Mac reports in its weekly mortgage market survey. After rising last week, the 30-year fixed-rate mortgage reversed course and inched back down. The 30-year fixed-rate mortgage — the most popular among home buyers — has remained below 4 percent for a year.
“Low and stable inflation is placing downward pressure on fixed mortgage rates,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at mortgage rate averages for the week ending March 21:
- 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.8 point, dropping from last week’s 3.63 percent average. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.08 percent.
- 15-year fixed-rate mortgages: averaged 2.72 percent, with an average 0.7 point, dropping from last week’s 2.79 percent average. Last year at this time, 15-year rates averaged 3.30 percent.
- 5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.96 percent.
- 1-year ARMs: averaged 2.63 percent, with an average 0.4 point, dropping from last week’s 2.64 percent average. Last year at this time, 1-year ARMs averaged 2.84 percent.
Source: Freddie Mac; Daily Real Estate News (March 22, 2013) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee
Written by Kenneth Bargers
March 22, 2013 at 2:08 pm
Tagged with 1 year arm, 15 year fixed rate mortgages, 30 year fixed rate mortgages, 5 year adjustable rate mortgages, bargers solutions, blog, current housing data, daily real estate news, freddie mac, home buying, in the news, kenneth bargers, march 2013, mortgage rates, Nashville, new home loans, pilkerton realtors, refinancing, tennessee