The average rate for the 30-year fixed-rate mortgage (FRM) as tracked by Freddie Mac is above 3.5 percent for the first time since September 13th of last year.
According to Freddie Mac's Primary Mortgage Market Survey, the FRM averaged 3.53 percent with an average 0.7 point for the week ending January 31, 2013; last week it averaged 3.42 percent and a year ago it came in at 3.87 percent.
The 5-year FRM averaged 2.81 percent with an average 0.7 point this week, compared with 2.71 percent last week and 3.14 percent last year.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.70 percent this week with an average 0.6 point, up three basis points from last week and a year ago, when it was 2.80 percent.
The one-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.5 point, versus 2.57 percent last week and 2.76 percent at this time last year.
"Mortgage rates continued to trend upwards this week amid a growing economy led in part by the recovering housing market,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “For instance, new home sales totaled 367,000 in 2012, the most in three years and reflected the first annual increase in seven years. Pending home sales in 2012 averaged its highest reading since 2006. All of these factors helped residential fixed investment to add nearly 0.4 percentage points to real GDP growth in the fourth quarter alone."
Bankrate.com reports its benchmark 30-year fixed mortgage rate rose to 3.77 percent this week, with an average of 0.29 discount and origination points. That's the biggest one week increase since last March.
The average 15-year fixed mortgage rate climbed back above the 3 percent mark for the first time since September, hitting 3.03 percent, while the larger jumbo 30-year fixed mortgage jumped to 4.17 percent. Adjustable rate mortgages were also higher, with the 3-year ARM increasing to 3.04 percent and the 7-year ARM settling at 2.96 percent, both six-month highs.
The last time mortgage rates were above five percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate now 3.77 percent, the monthly payment for the same size loan would be $928.50, a difference of $153 per month for anyone refinancing now.