3.53: Rates Remain Steady

• February 14, 2013

by Shilpi Paul

This week, long-term mortgage rates remain at their highest average since September 2012.

Freddie Mac reported 3.53 percent with an average 0.8 point as the average on a 30-year fixed mortgage this morning. Rates have been slowly moving north over the past few months after hitting a record low of 3.31 percent in November.

From Freddie Mac vice president and chief economist Frank Nothaft:

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 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/3.53_rates_remain_steady/6661