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Kenton Becker
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NMLS #123961 ,
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Mortgage Rates Nudge Higher

In Freddie Mac's results of its Primary Mortgage Market Survey®, average fixed mortgage rates moving slightly higher for the week but still remained near historic lows. The average 30-year fixed-rate mortgage has remained below 4 percent for over a year providing support to the ongoing housing recovery.

  • 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.8 point for the week ending March 28, 2013, up from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.99 percent.
  • 15-year FRM this week averaged 2.76 percent with an average 0.7 point, up from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent this week with an average 0.6 point, up from last week when it averaged 2.61 percent. A year ago, the 5-year ARM averaged 2.90 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.78 percent.
 
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According to Frank Nothaft, vice president and chief economist, Freddie Mac:

"Low and relatively steady mortgage rates are invigorating the housing market. For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. This strong demand helped push the S&P/Case-Shiller® 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to The Conference Board.

©2013 RealtyTimes

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4-01-13. You are receiving this communication because of an existing and/or past valued business relationship, or because you have consented to receive communications from Land Home. Equal Housing Opportunity Lender. Rates, Program, Fees, and Guidelines are subject to change without notice. Not a commitment to lend. Land Home only conducts business in states we are approved to. Land Home Financial Services, 22525 SE 64th Place, Suite 220, Issaquah, WA 98027. Washington Consumer Loan License #CL-89331. NMLS ID # 89331. Kenton Becker Licenses: NMLS #123961; Washington #MLO-123961  

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