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Lending / The Ticker

Freddie Mac: Light economic reports keep mortgage rates frozen

Mortgage rates rise slightly or not at all

frozen money

Mortgage rates remained relatively unchanged from the week prior following a period of light economic reports.

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year, fixed-rate mortgage averaged 4.28% for the week ending Feb. 13, slightly up from 4.23% a week ago, and up from 3.53% a year earlier.

The 15-year, FRM hit 3.33%, unchanged from last week, but up from 2.77% in 2013. Last week, rates were the most favorable for homebuyers for the year so far.

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.05% this week, down from 3.08% a week ago, but up from 2.64% a year prior.

The 1-year Treasury-indexed ARM came in at 2.55% this week, up from 2.51% last week, but down from 2.61% a year ago.  

“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, the economy added 113,000 jobs in January, which was below the market consensus forecast and followed a slight upward revision of 1,000 jobs in December,” said Frank Nothaft, vice president and chief economist with Freddie Mac.

“Meanwhile, the unemployment rate fell to 6.6%, which makes 13 consecutive months without an increase,” Nothaft said.

Furthermore, Bankrate mortgage rates broke a five-week streak of declines.

The average 30-year, FRM increased to 4.48% from 4.43%, while the 15-year, FRM jumped to 3.53% from 3.50% a week prior.

The 5/1 ARM increased to 3.32% from 3.27% last week.

“The nervousness in financial markets seen since the beginning of the year has subsided in recent days, aided in part by Janet Yellen's initial Congressional testimony,” Bankrate said.

“Economic uncertainty has also diminished in the wake of Yellen's soothing words, after a run of less-than-stellar releases that included last week's jobs report. As a result, mortgage rates reversed much of last week's decrease, but at this point still remain lower than any point seen in December or January,” it added. 

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