Tuesday
October 21, 2014

Mortgage Rates Climb Higher This Week

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Mortgage Rates Climb Higher This Week

Mortgage rates were on their way up this week, with the 30-year fixed-rate mortgage moving to its highest reading since Sept. 29, 2012, Freddie Mac reports in its weekly mortgage market survey. 

Still, fixed-rate mortgages remain near all-time record lows and “should continue to aid in the ongoing housing recovery,” according to Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 24: 

  • 30-year fixed-rate mortgages: averaged 3.42 percent, with an average 0.7 point, rising from last week’s 3.38 percent average. A year ago at this time, 30-year fixed-rate mortgages averaged 3.98 percent. The record low for 30-year rates is 3.31 percent, set on Nov. 21, 2012. 
  • 15-year fixed-rate mortgages: averaged 2.71 percent, with an average 0.7 point, rising from last week’s 2.66 percent average. Last year at this time, 15-year rates averaged 3.24 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.67 percent, with an average 0.5 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.85 percent. 
  • 1-year ARMs: averaged 2.57 percent, with an average 0.5 point, holding the same as last week. A year ago, 1-year AMRs averaged 2.74 percent. 

Source: Freddie Mac