Real estate news site Inman recently reported that, according to the latest Primary Mortgage Market Survey of Freddie Mac, 30-year fixed-rate mortgage rates averaged 3.34 percent with an average 0.7 point for the week ending Jan. 3, down from 3.35 percent last week and 3.91 percent from a year ago, keeping mortgage rates near historic lows.

As for 15-year fixed-rate mortgages, rates averaged 2.64 percent with an average 0.7 point, down from 2.65 percent last week and 3.23 percent a year ago.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.71 percent with an average 0.6 point, up from 2.70 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.

For one-year Treasury-indexed ARM loans, rates averaged 2.57 percent with an average 0.4 point, up from 2.56 percent last week but down from 2.80 percent a year ago. Rates on one-year ARM loans hit a low in records dating to 2005 of 2.52 percent during the week ending Dec. 20.

Refinancings are expected to drop mainly because most homeowners who are able to take advantage of low rates have already done so. Fannie Mae expects rates on 30-year fixed-rate mortgages to stay low relative to historical levels, rising from 3.3 percent in the first quarter of 2013 to 3.5 percent in the final three months of 2013.

To keep mortgage rates low, the Federal Reserve is buying $40 billion in mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac each month. The Fed has said the open-ended program, which also includes $45 billion in monthly purchases of long-term Treasurys, will continue in some form until there is substantial improvement in unemployment.

Fannie Mae economists expect existing-home sales will increase by 9.6 percent this year, and that new-home sales will grow by 19.5 percent if the housing recovery stays on track.

This means that 2013 will be a good year to buy a new home, taking advantage of the low mortgage rates or to refinance the current one. The Woodlands Tx, community located north of Houston offers a great variety of homes for sale in The Woodlands.

For more information about houses in The Woodlands, please call realtor Luis Tamborrel at (832) 482-9367.

Hablamos Español y contamos también con información sobre casas en Woodlands, comuníquese al al 55.4991.4933 o Nextel 72*13*9814 desde México.

Source: inman.com