Mortgage Interest Rates Start the New Year at Near Record Lows

Mortgage interest rates continued to stay historically low at the start of the New Year based on Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending January 3rd, 2013. The average 30-year fixed rate mortgage interest rate started 2013 at 3.34%, slightly down from the end of 2012 when it was 3.35%, and even lower than the same time last year when it was 3.91%.

The 15-year fixed rate mortgage interest rate started 2013 at 2.64%, down from 2.65% at the end of 2012. In comparison to the same time last year, the 15-year fixed rate mortgage interest rate was 3.23%.

Freddie Mac’s Vice President and Chief Economist, Frank Nothaft, expressed optimism about the 2013 housing market in this week’s PMMS report:  “Mortgage rates started the year near record lows which should continue to aid the ongoing housing recovery. New home sales rose in November to a two-year high and were up 15.3 percent from the previous November. Similarly, pending sales on existing homes increased for the third month in November to the strongest pace since April 2010.”

To see how the 5-year and 1-year adjustable-rate mortgage interest rates ended 2012 and started 2013, go to http://bit.ly/Ws3N4a

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