Mortgage Rates Find Solid Ground

Fixed mortgage rates continued to hold steady this week, according to data from ""Freddie Mac"":http://www.freddiemac.com/ and ""Bankrate.com"":http://www.bankrate.com/.

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Freddie Mac's Primary Mortgage Market Survey for the week ending February 14 showed no weekly changes in fixed rates: The 30-year fixed averaged 3.53 percent (0.8 point), while the 15-year average held at 2.77 percent (0.8 point).

While fixed rates were unchanged, adjustable rates saw slight upward momentum. The 5-year adjustable-rate [COLUMN_BREAK]

mortgage (ARM) averaged 2.64 percent (0.6 point) this week, up from 2.63 percent previously. The 1-year ARM averaged 2.61 percent (0.3 point), up from 2.53 percent.

""Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets,"" said Frank Nothaft, VP and chief economist for Freddie Mac. ""The median sales price of existing homes ""rose 10 percent"":https://themreport.com/articles/nar-end-of-2012-sees-gains-in-prices-sales-affordability-2013-02-11 between fourth quarter 2011 and 2012, the largest year-over-year gain in seven years. Among large metropolitan areas, 88 percent saw positive annual increases in the fourth quarter, compared to 81 percent in the third quarter and 75 percent in the second.""

Meanwhile, Bankrate reported slight increases in fixed rates, though any movement was minor.

According to Bankrate's weekly survey, the average 30-year fixed-rate mortgage (FRM) had a rate of 3.79 percent (up from 3.76 percent previously), while the 15-year FRM rate averaged 3.02 percent, up from an even 3.00 percent.

Adjustable rates fell slightly, with the 5/1 rate averaging 2.75 percent--down a single basis point from last week.