Friday, February 15, 2013

Mortgage Rates Unchanged in Latest Survey, Up slightly over last few months

by Bill McBride on 2/15/2013 01:32:00 PM

From Freddie Mac yesterday: 30-Year Fixed-Rate Mortgage Unchanged for Third Consecutive Week

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates unchanged from the previous week and remaining near their record lows ...

30-year fixed-rate mortgage (FRM) averaged 3.53 percent with an average 0.8 point for the week ending February 14, 2013, the same as last week. Last year at this time, the 30-year FRM averaged 3.87 percent.

15-year FRM this week averaged 2.77 percent with an average 0.8 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.16 percent.
Mortgage rates and refinance activity Click on graph for larger image.

This graph shows the MBA's refinance index (monthly average) and the the 30 year fixed rate mortgage interest rate from the Freddie Mac Primary Mortgage Market Survey®.

The Freddie Mac survey started in 1971 and mortgage rates are currently near the record low for the last 40 years.

The record low in the Freddie Mac survey for a 30 year fixed rate mortgage was 3.31% in November 2012.

Freddie Mac Mortgage Rate SurveyThe second graph shows the 15 and 30 year fixed rates from the Freddie Mac survey since the Primary Mortgage Market Survey® started in 1971 (15 year in 1991).

Note: Mortgage rates were at or below 5% back in the 1950s.