- By David M. Kinchen
News Facts on St. Valentine’s Day, 2013
> 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 remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets,” said Frank Nothaft, Freddie Mac’s vice president and chief economist. “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).”
> 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.3 point, up from last week when it averaged 2.53 percent. At this time last year, the 1-year ARM averaged 2.84 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.