Mortgage Rates Hold Steady
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages held steady at 3.55 percent for the week ending September 13, 2012. Last year at this time the 30-year FRM averaged 4.09 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages decreased to 2.85 percent, down slightly from last week when the average was 2.86 percent. Last year at this time, the 15-year FRM averaged 3.30 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) decreased to 2.72 percent – down from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 2.99 percent.
1-Year Adjustable Rate Mortgages
The one-year Treasury-indexed ARM steady at 2.61 percent. Last year at this time, the 1-year ARM averaged 2.81 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Despite a lackluster August employment report, Treasury bond yields and mortgage rates were little changed this week with the financial markets speculating on further monetary stimulus from the Federal Reserve. The economy added 96,000 net new workers in August, while revisions subtracted 41,000 from the prior two months; manufacturers cut 15,000 employees in August which represented the largest decline since August 2010. Meanwhile, approximately 368,000 people left the workforce thereby lowering the unemployment rate to 8.1 percent.”
Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.
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.