January Round Up: Mortgage Rates Tick Up

Mortgage Rates imageIn Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates reversing course from the first weeks of the year to tick up slightly.

30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending January 29, 2015, up from last week when it averaged 3.63 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.

15-year FRM this week averaged 2.98 percent with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.4 point, up from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.12 percent.

1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, up from last week when it averaged 2.37 percent. At this time last year, the 1-year ARM averaged 2.55 percent.

According to Len Kiefer, deputy chief economist, Freddie Mac: “Mortgage rates ticked up this week for the first time in 2015 following positive home sales reports. New home sales surged 11.6 percent in December beating market expectations. Likewise, existing home sales rose 2.4 percent to an annual rate of 5.04 million homes in December.”

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