Mortgage rates were up this week, Freddie Mac reported today in its latest survey, but were still lower than a year ago.

The average rate on 30-year fixed-rate mortgages climbed to 6.13 percent from last week’s 6.03 percent, while the average 15-year fixed mortgage jumped from 5.47 percent to 5.6 percent. A year ago, rates on the 30- and 15-year loans averaged 6.14 percent and 5.88 percent, respectively.

"However, for the first 11 weeks so far this year, the average 30-year fixed rate is still below 5.9 percent, and the average 30-year rate in January was the lowest since July 2005," Freddie Mac Vice President and Chief Economist Frank Nothaft said in a statement.

To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.5 on the 30- and 15-year loans.

According to Freddie Mac, the average rate on five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) rose to 5.58 percent from 5.34 percent a week ago, and average rates on one-year Treasury-indexed ARMs gained from 4.94 percent to 5.14 percent. Points on the 5- and one-year loans averaged 0.6 and 0.7, respectively.

"The combination of lower house prices and lower mortgage rates contributed to a more affordable market for home buyers," Nothaft said. "The National Association of Realtors reported that January’s Pending Home Sales Index held unchanged from December, contrary to the consensus expectation of a 1 percent slide, signaling that existing-home sales in February could hold steady from January’s level."


What’s your opinion? Leave your comments below or send a
letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription