Mortgage Rates Relatively Unchanged
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages increased slightly for the week ending October 25, 2012. The average 30-year fixed rate mortgage edged up to 3.41 percent – from last week’s average of 3.37 percent. Last year at this time the 30-year FRM averaged 4.10 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages also increased to 2.72 percent from last week when the average was 2.66 percent. Last year at this time, the 15-year FRM averaged 3.38 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained at 2.75 percent. A year ago, the 5-year ARM averaged 3.08 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM fell slightly to 2.59 percent from 2.60 last week. Last year at this time, the 1-year ARM averaged 2.90 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance. Existing home sales in September eased slightly to 4.75 million but was the second strongest annualized pace since May 2010. Moreover, new home sales rose to the most since April 2010. In addition, low rates and strong demand have already pushed the FHFA purchase-only home price index in August to its highest level (seasonally adjusted) since June 2010. And not surprisingly, the Federal Reserve in its October 24th monetary policy announcement acknowledged the further signs of improvement in the housing sector, albeit from a depressed level.”
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.