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3.42: Morgage Rates Heading North

  • January 24, 2013

by Shilpi Paul

3.42: Morgage Rates Heading North: Figure 1

Mortgage rates are still low, just not at the record-lows that they have been hovering at for months.

On Thursday morning, Freddie Mac reported 3.42 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, the highest rate since September 2012.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates were up slightly over the holiday week but remain highly affordable and should continue to aid in the ongoing housing recovery. For instance, existing home sales totaled 4.65 million in 2012, showing a 9.2 percent increase over 2011 and the strongest pace in five years.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

3.42: Morgage Rates Heading North: Figure 2

See other articles related to: mortgage rates

This article originally published at http://dc.urbanturf.com/articles/blog/3.42_rates_mortage_rates_heading_north/6561

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