Freddie Mac: Fixed Rates Up Slightly

Fixed mortgage rates barely moved in the last week, continuing to provide support to a market clawing its way back to normalcy.

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According to ""Freddie Mac's"":http://www.freddiemac.com/ Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.57 percent (0.8 point) for the week ending March 28, up from 3.54 percent the previous week. Last year at this time, the 30-year FRM averaged 3.99 percent.

The 15-year FRM saw a slightly bigger weekly increase, rising to 2.76 percent (0.7 point) from 2.72 percent last week.

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Changes in adjustable rates were mixed. According to Freddie Mac, the 5-year hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent with an average 0.6 point (up from 2.61 percent), while the 1-year ARM averaged 2.62 percent with an average 0.3 point (down from 2.63 percent).

""Low and relatively steady mortgage rates are invigorating the housing market. For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008,"" said Frank Nothaft, VP and chief economist at Freddie Mac. ""This strong demand helped push the S&P/Case-Shiller :http://dsnews.comarticles/case-shiller-indices-post-strongest-gain-since-2006-2013-03-26 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008.

""Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to the Conference Board,"" he added.

""Bankrate.com"":http://www.bankrate.com/ reported slight decline in the 30-year fixed average, meanwhile. According to the site's weekly survey, the average 30-year rate fell from 3.78 percent to 3.75 percent in the last week. The 15-year fixed and 5/1 ARM average were 2.97 percent and 2.71 percent, respectively--both unchanged.