We started off 2013 by carrying over mortgage rates at historic lows. We saw 30 year fixed rates in the low 3% range*, fueling a refinance wave that lasted nearly a year. Since mid-May rates have begun to climb, reaching about 4.5%*. The government shutdown in October had one positive effect: Mortgage rates have tumbled to their lowest level since spring. The national average this week (January 6, 2014) for a 30-year loan is 4.53%*. Click here to check today’s rates.
While coming off the heels of rates in the low 3% range, a rate in the 4’s might seem high, but rates are still comparatively low. Back in the mid-2000s the average 30-year fixed rate was around 6%*. The oft-forgotten adjustable rate mortgages are extremely competitive. Freddie Mac’s Chief Economist expects rates to remain relatively stable for the remainder of the year which is good news for buyers going into the spring home-buying season!
*Mortgage rate data obtained from the Freddie Mac Primary Mortgage Market Survey®
Take a look at the path mortgage rates took in 2013 and click on the graphic for more charts and graphs.