WASHINGTON, Jan. 24 (Xinhua) -- U.S. fixed mortgage rates went up and farther away from record lows this week, which however remain at an affordable level for potential homebuyers, according to the Primary Mortgage Market Survey released on Thursday by Freddie Mac.
The mortgage giant said that 30-year fixed-rate mortgage (FRM) edged up to 3.42 percent in the week ending Jan. 24, the highest level since September 2012. The 15-year FRM, a popular choice for those looking to refinance, also climbed to 2.71 percent from 2.66 percent. Both were elevated from the record lows of 3.31 percent and 2.63 percent.
In addition, the five-year Treasury-indexed hybrid adjustable- rate mortgage (ARM) was flat at 2.67 percent, while the one-year Treasury-indexed ARM held steady at 2.57 percent.
The mortgage rates have been hovering near record lows since last year, serving as a crucial incentive for house refinancing and buying. But the fixed rates, the majority in mortgage applications, were up slightly over the holiday week.
The rates "remained affordable and should continue to aid in the ongoing housing recovery," said Frank Nothaft, vice president and chief economist of Freddie Mac.
However, some other economists said that tight mortgage credit conditions, difficulties in obtaining accurate appraisals and the upward trend of mortgage interest rates may weigh on the housing recovery in the coming months.
Beijing fantasy emerges in dense fog
Feedback
RSS
