The 30-year fixed mortgage rates have remained stagnant since May 2012 ( mortgage rates remained flat). But the rates saw a slight improvement in January, recording a 0.2 percent surge on the whole.
Throughout last week, the rates fluctuated between 3.28 and 3.32 percent before stabilizing at the current rate of 3.28 percent on Wednesday, reports NASDAQ.
"Mortgage rates rose slightly last week, spurred by improving economic data on consumer spending, housing and jobs. In the coming week, we expect rates will be fairly flat until the markets receive more clarity around the outcome of the looming debt ceiling debate," Erin Lantz, director of Zillow mortgage marketplace, said in a statement.
Mortgage rates varied from one region to another in the country. While rates in Massachusetts and Pennsylvania recorded the highest increase at 3.31 and 3.25 percent, Texas and California recorded 1 and 4 percent dips in mortgage rates, respectively. The figures are compared to the ones last recorded on 15 January, 2013, reports Yahoo Finance.
The mortgage rates were analyzed by Zillow® Mortgage Marketplace, an open marketplace that aggregates custom mortgage rates submitted to the website by anonymous buyers and calculates the overall mortgage rates prevailing in the market.