Monday
October 20, 2014

Mortgage Rates Hold Steady This Week

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Mortgage Rates Hold Steady This Week

Fixed-rate mortgages stayed mostly flat this week, remaining near their record lows and continuing to support housing demand and “translating into a pick-up in home prices in most markets,” says Frank Nothaft, Freddie Mac’s chief economist. 

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

  • 30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.8 point, holding the same average as last week. A year ago, 30-year rates averaged 3.87 percent. 
  • 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.8 point, also holding the same as last week. Last year at this time, the 15-year fixed-rate mortgage averaged 3.16 percent.
  • 5-year adjustable-rate mortgage: averaged 2.64 percent, with an average 0.6 point, rising slightly from last week’s 2.63 percent average. Last year at this time, 5-year ARMs averaged 2.82 percent. 
  • 1-year ARMs: averaged 2.61 percent, with an average 0.3 point, rising from last week’s 2.53 percent average. A year ago at this time, 1-year ARMs averaged 2.84 percent. 

Source: Freddie Mac