Average fixed mortgage rates started the year slightly higher than they ended 2013, according to the latest mortgage survey from Freddie Mac.
30-year fixed-rate mortgage (FRM) averaged 4.53 percent with an average 0.8 point for the week ending January 2, 2014, up from last week when it averaged 4.48 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent.
15-year FRM this week averaged 3.55 percent with an average 0.7 point, up from last week when it averaged 3.52 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.71 percent.
1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.