Improving Economy Sends Mortgage Rates Higher

March 15, 2013

Stronger signs of job growth and consumer spending are pushing up mortgage rates, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage -- the most popular choice among home buyers -- reached its highest reading since Aug. 23, 2012.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 14: 

  • 30-year fixed-rate mortgages: averaged 3.63 percent, with an average 0.8 point, rising from last week’s 3.52 percent. . A year ago at this time, 30-year rates averaged 3.92 percent. On Nov. 21, the 30-year fixed-rate mortgage had reached an all-time low of 3.31 percent.
  • 15-year fixed-rate mortgages: averaged 2.79 percent, with an average 0.8 point, rising from last week’s 2.76 percent average. Last year at this time, 15-year rates averaged 3.16 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, dropping from last week’s 2.63 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent. 
  • 1-year ARMs: averaged 2.64 percent, with an average 0.4 point, rising from last week’s 2.63 percent average. A year ago, 1-year ARMs averaged 2.79 percent. 

Source: Freddie Mac

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