Minneapolis, MN: Freddie Mac yesterday released the results of its most current Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates unchanged from the previous week and remaining near their record lows as they continue to support housing demand, translating into a pick-up in home prices in most markets.
- 30-year fixed-rate mortgage rates (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 fixed mortgage rates 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.
- 5-year adjustable rate mortgages (ARM) averaged 2.64 percent this week with an average 0.6 point, up from last week when it averaged 2.63 percent. A year ago, the 5-year ARM averaged 2.82 percent.
Freddie Mac’s survey is the average of loans bought from lenders * last week, including discount points. Applicants must pay all closing costs at these rates. No cost loan rates higher.
Follow this link to view today’s best MN and WI mortgage interest rates.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets. The median sales price of existing homes rose 10 percent between fourth quarter 2011 and 2012, the largest year-over-year gain in seven years. Among large metropolitan areas, 88 percent saw positive annual increases in the fourth quarter, compared to 81 percent in the third quarter and 75 percent in the second. The largest gains occurred in Phoenix (34 percent), Detroit (31 percent) and San Francisco (28 percent).”