Mortgage rates remained near record lows this past week, edging up and down only a slight bit, as unemployment hovers above 7%.
Interest rates barely moved in the week leading up to the Fed’s Open Market Committee Meeting, which resulted in further economic stimulus and an ongoing committee to keeping the federal funds rate near zero.
The average interest rate on a 30-year, fixed-rate mortgage for the week ending Dec. 13 declined to 3.32% from 3.34% a week earlier, Freddie Mac said Thursday. Comparatively, that is down from 3.94% a year ago.
The GSE released the latest rates in its Primary Mortgage Market Survey, saying “rates held relatively steady following the November employment report.”
The 15-year, FRM averaged 2.66%, down slightly from 2.67% a week earlier and 3.21% last year. In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.70%, up slightly from 2.69% a week earlier and 2.86% last year.
The 1-year Treasury-indexed ARM declined to 2.53% from 2.55% a week earlier and 2.86% last year.
“Mortgage rates held relatively steady following the November employment report,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period.”
Bankrate also noted interest rates were little changed last week, with the 30-year, FRM up slightly to 3.52% from 3.50%, and the 15-year, FRM unchanged at 2.85%.
The 5/1 ARM also remained unchanged at 2.74%.
