Mortgage Rates Stay Steady
Fixed mortgage rates remained steady this week, after a generous upswing last week, Freddie Mac reported Feb. 7 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate remained at 3.53 percent, the same as last week (down from 3.87 percent a year ago). The 15-year fixed-rate decreased 0.04 percent to 2.77 percent (down from 3.16 percent a year ago).
The one-year adjustable-rate mortgage fell by 0.06 percentage points to 2.53 percent (down from 2.78 percent a year ago). The five-year Treasury-indexed adjustable-rate dropped 0.07 percent to 2.63 percent (down from 2.83 percent a year ago).
“Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers. On top of that, the annual benchmark update showed payrolls grew by an additional 424,000 jobs between April 2011 and March 2012. The only downside to the report was that the unemployment rate ticked up from 7.8 to 7.9 percent in January, which is still historically high.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.