Mortgage Rates Mixed This Week
Interest rates were mixed for the week ending February 14, as fixed-rate mortgages moved slightly higher and adjustable-rate mortgages saw mild improvement.
According to Freddie Mac’s latest weekly interest rate survey, the traditional 30-year fixed mortgage averaged 5.72 percent, up from 5.67 percent last week.
The 15-year also worsened, climbing to 5.25 percent from 5.15 percent the week before.
ARMs were a different story, with the one-year falling to 5.00 percent from 5.03 percent a week earlier, and the 5/1 ARM dipping to 5.19 percent from 5.21 percent.
“These historically low mortgage rates and declining house prices contributed to the highest housing affordability in December since March 2005, according to the National Association of Realtors,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“However, with banks continuing to tighten lending standards, fewer families will likely have an opportunity to take advantage of these factors,” Nothaft said.
Same story here, as most who need to take advantage of the historically low interest rates don’t have the equity to complete a refinance.
A year ago, the 30-year averaged 6.30 percent, 15-year mortgages averaged 6.03 percent, the one-year ARM 5.52 percent, and the 5/1 ARM 6.01 percent.
(Photo: Gaetan Lee)
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