Mortgage rates hover near record lows to start 2013
Posted on Thursday, January 10, 2013 at 5:00:57 PM
As the job market continues to gain momentum, mortgage rates remained neared all-time lows in the week ending January 10.
During the week, the average rate for a 30-year fixed-rate mortgage rose to 3.4 percent, from 3.34 percent, according to a report from Freddie Mac. Despite the notable increase, the rate is still well within range of the record low of 3.31 percent set in November last year.
Meanwhile, 15-year FRMs hit 2.66 percent, up from 2.64 percent the previous week, the report said.
"Fixed mortgage rates increased slightly following a positive employment report for December," said Freddie Mac vice president and chief economist Frank Nothaft. "The economy added 155,000 jobs, above the consensus market forecast, and November's job growth was revised upward by another 24,000 workers."
Although there was a considerable amount of job growth at the end of 2012, the national unemployment rate remained stagnant at 7.9 percent, according to the U.S. Bureau of Labor Statistics.
Borrowers who have maintained employment as well and personal financial success should consider making the transition to homeownership in the coming months, and a mortgage comparison chart offered by Home Loan Investment Bank may be able to help in this task.