Mortgage Rates Change Little
- Fixed Mortgage Rates Change Little
30-Year Fixed Rate Mortgages
Average 30-year fixed rate mortgages decreased for the week ending September 6, 2012 amid mixed economic data. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.55 percent – down from last week when it averaged 3.59 percent. Last year at this time the 30-year FRM averaged 4.12 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages remained at 2.86 percent for the week. Last year at this time, the 15-year FRM averaged 3.33 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) decreased to 2.75 percent – down slightly from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.96 percent.
1-Year Adjustable Rate Mortgages
The one-year Treasury-indexed ARM averaged 2.61 percent, down from last week when it averaged 2.63 percent. Last year at this time, the 1-year ARM averaged 2.84 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were little changed over the holiday week amid mixed economic data releases. Although consumer spending rose 0.4 percent in July, representing the largest gain in five months, the core price index was unchanged suggesting little threat of inflation. Consumer confidence picked up slightly in August according to the University of Michigan, but remained below this year’s peak in May. And the manufacturing industry contracted for the third consecutive month in August.”
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.