Jan

Reports: 30-Year Fixed Rates Edge Higher

As of 1/20/2011:
Two separate industry reports released Thursday show that interest rates for 30-year fixed mortgages moved up this week, while adjustable-rate mortgages dipped lower.

Freddie Mac’s study puts the average for a 30-year fixed-rate mortgage at 4.74 percent (0.8 point) for the week ending January 20, 2011. That’s up from 4.71 percent last week. A full year ago, the 30-year fixed rate was averaging 4.99 percent.

The 15-year fixed-rate mortgage, on the other hand, headed lower, dropping from 4.08 percent a week ago to 4.05 percent (0.8 point) this week. Freddie says if you step back in time 12 months, the 15-year rate was averaging 4.40 percent.

The 5-year adjustable-rate mortgage (ARM) came in at 3.69 percent (0.7 point) in the GSE’s latest survey. That’s down from 3.72 percent last week and 4.27 percent a year earlier.
Freddie Mac’s chief economist, Frank Nothaft, attributes the mixed movement in mortgage rates this week to what he described as “tame inflation figures.”