Denver Mortgage Rates:  Latest news March 1, 2013.

Average Denver mortgage rates ticked lower for the week ending February 28, 2013, while being the driving force in the continued housing recovery effort.  According to the Primary Mortgage Market Survey  ® conducted by Freddie Mac, the consumer price index was stable in February for the second month in a row.  The S&P/Case-Shiller ® indicated housing gains in 2012, stating that the home price index rose 7.3 percent.  This was the largest forth-quarter growth since 2006.  The number of new and existing home sales in February rivaled those of July 2007 and July 2008.

Here are the Denver mortgage rate highlights:

• 30 year fixed rate mortgage (FRM) averaged 3.51 percent with 0.8 point for the week  ending February 28, 2013, down from 3.56 percent for the month of February.  A year ago, the rate averaged 3.90 percent
• 15 year FRM averaged 2.76 percent with 0.8 point at the end of February, down from the average for the month, down from 2.77 percent the week prior. A year ago, the rate averaged 3.17 percent.
• 5 year Treasury adjustable rate mortgages (ARM) averaged 2.61 percent at the end of February with 0.6 point, down from the week before when it averaged 2.64 percent. A year ago, the 5 year ARM averaged 2.83 percent.
• 1 year Treasury ARM averaged 2.64 percent this week with an average 0.4 point, down from last week when it averaged 2.65 percent. A year ago, the 1 year ARM averaged 2.72 percent.

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Denver Mortgage Update: FHA Mortgages Increase MIP

The Department of Housing and Urban Development and the Federal Housing Administration will increase FHA Mortgage Insurance Premiums (MIP) as part of a broad effort to strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMI Fund)

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