Mortgage Rates Near Record Lows at Year End
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages eased slightly for the week ending December 27, 2012. The average 30-year fixed rate mortgage fell slightly to 3.35 percent – from last week’s average of 3.37 percent. Last year at this time the 30-year FRM averaged 3.95 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages held steady at 2.65 percent. Last year at this time, the 15-year FRM averaged 3.24 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell slightly to 2.70 percent – from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.88 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM rose to 2.56 percent from 2.52 last week. Last year at this time, the 1-year ARM averaged 2.78 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates ended this year near record lows. The 30-year fixed-rate mortgage averaged 3.66 percent for 2012, the lowest annual average in at least 65 years. Rates on 30-year fixed mortgages were nearly 0.6 percentage points below that of the beginning of the year, which translates into an interest payment savings of nearly $98,600 over the life of a $200,000 loan. Moreover, opting for a 15-year fixed mortgage at today’s rates, a homeowner could save an additional $138,400 in interest payments.”
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.
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