Mortgage Rates Mostly Flat

January 17, 2013

Mortgage rates were largely unchanged from the previous week helping to keep homebuyer affordability high, refinancing strong and should continue to aid the ongoing housing recovery, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 3.38 percent with an average .7 point for the week ending Jan. 17, the survey showed. This is down from last week when it averaged 3.4 percent. Last year at this time, the 30-year FRM averaged 3.88 percent.

"Mortgage rates were flat to down a little this week amid reports that inflation remains contained,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The overall producer price index rose .1 percent between November and December, below the market consensus forecast, and the consumer price index was unchanged. For the year as a whole, consumer prices rose just 1.7 percent in 2012, almost half that of 2011's increase of 3.0 percent."

Meanwhile, the 15-year FRM this week averaged 2.66 percent with an average .7 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.17 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.67 percent this week with an average .6 point, the same as last week. A year ago, the 5-year ARM averaged 2.82 percent.

1-year Treasury-indexed ARM averaged 2.57 percent this week with an average .4 point, down from last week when it averaged 2.6. At this time last year, the 1-year ARM averaged 2.74 percent.

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