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Freddie Mac: 30-Year Fixed-Rate Mortgage Averages 3.40 Percent

 

Jan 10 - Freddie Mac (OTCBB: FMCC) has released the results of its Primary Mortgage Market Survey, showing fixed-mortgage rates moving higher following December's employment report. The 30-year fixed averaged 3.40 percent, its highest reading in eight weeks. The all-time record low for the average 30-year fixed was 3.31 percent set Nov. 21, 2012.

The 30-year fixed-rate mortgage averaged 3.40 percent with an average 0.7 point for the week ending Jan. 10, 2013, up from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.89 percent.

The 15-year FRM this week averaged 2.66 percent with an average 0.7 point, up from last week when it averaged 2.64 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.67 percent this week with an average 0.6 point, down from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.82 percent.

The 1-year Treasury-indexed ARM averaged 2.60 percent this week with an average 0.5 point, up from last week when it averaged 2.57. At this time last year, the 1-year ARM averaged 2.76 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.

"Fixed mortgage rates increased slightly following a positive employment report for December," said Frank Nothaft, vice president and chief economist, Freddie Mac. The economy added 155,000 jobs, above the consensus market forecast, and November's job growth was revised upward by another 24,000 workers. This helped keep the unemployment rate steady at 7.8 percent, the lowest since December 2008. For all of 2012, 1.86 million jobs were created and represented the largest annual gain since 2006."


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