Sara Routhier, Managing Editor of Features and Outreach, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming worl...

Full Bio →

Written by

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Full Bio →

Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Mar 28, 2013

Advertiser Disclosure

Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.

Mortgage interest rates nudged higher this week according to a Freddie Mac survey.

For the week ending March 28, 2013, the 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.8 point, up from last week when the rate was 3.54 percent. Although the rate is rising, it is still lower than the reading on March 14, where it reached a high of 3.63 percent. A year ago, the 30-year FRM averaged 3.99 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, attributes the new housing market strength to low and steady mortgage rates. The most common mortgage, the 30-year-fixed rate, has remained below four percent for over a year.

This week’s 15-year fixed-rate mortgage averaged 2.76 percent with a 0.7 point. This rate is up from last week’s average of 2.72 percent. Last year at this time, the 15-year fixed mortgage interest rate averaged 3.23 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.68 percent with a 0.6 point this week, up from last week when it averaged 2.61 percent. A year ago, the 5-year ARM averaged 2.90 percent.

This week’s 1-year Treasury-indexed ARM averaged 2.62 percent with a 0.3 point. The rate is down from last week’s average of 2.63 percent. At this time last year, the rate averaged 2.78 percent.

The impact of the mortgage interest rates was multi-faceted. First, both existing and new homes sales saw increases. According to the National Association of Realtors, existing home sales during January and February increased at the strongest rate since November 2009. New home sales experienced the largest burst since August and September 2008.

Secondly, the dual increase helped to improve the S&P/Case-Shiller home price index which posted its highest reading since December 2008.

Finally, homeownership projections increased. According to the Conference Board, the number of consumers expecting to purchase a home in the next six months reached 5.6 percent in March. This was the second highest rate since the board began collecting data in February 1964.