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Mortgage Rates Hit Highest Level Since September

  • February 7th 2013

by Shilpi Paul

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Mortgage Rates Hit Highest Level Since September: Figure 1

This week, mortgage rates crept up to their highest average since September 2012.

Freddie Mac reported 3.53 percent with an average 0.8 point as the average on a 30-year fixed mortgage this morning. Rates have been slowly moving north over the past few months after hitting a record low of 3.31 percent in November.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates were either unchanged or lower this week following a mostly positive employment data report for January. In January, the economy gained 157,000 new jobs and revisions to November and December added another 127,000 workers. On top of that, the annual benchmark update showed payrolls grew by an additional 424,000 jobs between April 2011 and March 2012.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

Mortgage Rates Hit Highest Level Since September: Figure 2

See other articles related to: freddie mac, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/3.53_highest_average_rates_since_september/6627.

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