The average 30-year fixed-rate mortgage was 5.62 this week, up from last week, when it averaged 5.57 percent. Last year at this time, the 30-year fixed mortgage averaged 5.58 percent.
“Mixed economic indicators can push the market up or down, depending on the timing of the release, and that’s what we saw happen this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The market seemed to focus on the positive, causing mortgage rates to inch up. That said, January housing starts were the highest in over 20 years, and that is based on higher rates than we are currently experiencing. All in all, the little run up in rates that occurred this week will not be enough to cause a significant slow down in current housing market activity.”