3.42: Morgage Rates Heading North

• January 24, 2013
• 1 Comment

by Shilpi Paul

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:

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

1 Comment

1. We buy ugly pretty homes said at 9:21 am on Friday January 25, 2013:
   Really! it's true that 2013 hold many promises for the real estate sector yet in spite of the low mortgages and interest rates, there are less homebuyers turning up. Let's just wait and watch!