Mortgage rates remain flat for third straight week
Fixed-mortgage rates remained unchanged for the third consecutive week, remaining near record lows, Freddie Mac reported. Mortgage rates continue to support housing demand, translating into a pick-up in home prices in most markets.
* 30-year fixed-rate mortgage (FRM) averaged 3.53 percent for the week ending February 14, 2013, the same as last week. Last year at this time, the 30-year FRM averaged 3.87 percent.
* 15-year FRM this week averaged 2.77 percent, the same as last week. A year ago at this time, the 15-year FRM averaged 3.16 percent.
* 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent this week, up from last week when it averaged 2.63 percent. A year ago, the 5-year ARM averaged 2.82 percent.
* 1-year Treasury-indexed ARM averaged 2.61 percent this week,up from last week when it averaged 2.53 percent. At this time last year, the 1-year ARM averaged 2.84 percent.
The median sales price of existing homes rose 10 percent between fourth quarter 2011 and 2012, the largest year-over-year gain in seven years.