Mortgage rates continued to “trend upwards this week amid a growing economy led in part by the recovering housing market,” says Frank Nothaft, Freddie Mac’s chief economist. 

The 30-year fixed-rate mortgage, the most popular choice among home buyers, rose above a 3.5 percent average for the first time since Sept. 13, 2012. 

Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 31.

• 30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.7 point, rising from last week’s 3.42 percent average. A year ago at this time, 30-year rates averaged 3.87 percent. The all-time low for 30-year rates was recently set on Nov. 21, 2012, averaging 3.31 percent. 
• 15-year fixed-rate mortgages: averaged 2.81 percent, with an average 0.7 point, rising from last week’s 2.71 percent average. Last year at this time, 15-year rates averaged 3.14 percent. 
• 5-year adjustable-rate mortgages: averaged 2.70 percent, with an average 0.6 point, rising from last week’s 2.67 percent average. Last year at this time, 5-year ARMs averaged 2.80 percent. 
• 1-year ARMs: averaged 2.59 percent, with an average 0.5 point, rising from last week’s 2.57 percent average. A year ago, 1-year ARMs averaged 2.76 percent. 

Source: Freddie Mac

Axia Home Loans - Preferred Lender

If you are looking to purchase a new home, be sure to contact one our of local real estate agents about our lending partnership with Axia Home Loans.  Cascade Team customers have the opportunity to take advantage of additional incentives and loans with no origination fees, potentially saving you thousands on your next home purchase.  Use the mortage estimator below to determine an approximate payment and then contact us below for more information.

Get Prequalfied For Your Home Purchase