Freddie Mac recently released the results of its Primary Mortgage Market Survey showing average fixed mortgage rates remaining near their 65-year record lows and continuing to provide support for the housing recovery. The 30 year fixed rate mortgage averaged 3.52 percent with an average 0.7 point for the week ending March 7, 2013. Last year at this time, the 30 year fixed rate mortgage averaged 3.88 percent. The 15 year fixed rate mortgage averaged 2.76 percent with an average 0.7 point. A year ago, it averaged 3.13 percent. The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.63 percent with an average 0.5 point. A year ago, the 5-year ARM averaged 2.81 percent.
“These low mortgage rates are helping to revive the housing market. For instance, the CoreLogic home price index rose 9.7 percent between January 2012 and 2013, marking the largest annual increase since April 2006,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
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