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Steady mortgage rates may illustrate sustained housing market growth

Posted on Thursday, February 21, 2013 at 4:33:02 PM

For any homeowner who has been contemplating obtaining residential financing, reviewing a mortgage comparison chart can inform them the best time to act may be now - as mortgage rates have remained largely stagnant during the past month.

Although a recent increase in initial jobless claims was observed, national averages for fixed rate mortgages have barely moved from their record-low levels.

Reported within Freddie Mac's weekly Primary Mortgage Market Survey, average 30-year fixed-rate mortgages (FRMs) were seen at 3.56 percent last week, having been logged at 3.53 percent the previous week. Less change was seen for 15-year FRMs, as average rates were recorded at 2.77 percent, marking no change from the week prior. Further evidence of the possibly recovering housing market can be derived from FRM levels observed during the same time period the year before, as 30-year FRMs were almost 4 percent and 15-year FRMs were 3.20 percent.

National unemployment numbers ticked up slightly, however, as 20,000 more initial jobless claims were filed for the week ending February 16, the U.S. Labor Department noted. The advance figure of seasonally adjusted initial claims for the week ending February 16 was seen at 362,000 - up from 342,000 the previous week. 

Those with secure employment may be more inclined to examine residential lending opportunities than those seeking employment, but all may stand to benefit if mortgage rates remain at their current levels.