Another Week of Record Breaking Lows!
30-Year Fixed Rate Mortgages
Average 30-year fixed rate mortgages hit a new record low for the week ending July 12, 2012. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.56 percent – down from last week when it averaged 3.62 percent. Last year at this time the 30-year FRM averaged 4.51 percent.
15-Year Fixed Rate Mortgages
The 15-year also hit a new record low. The 15-year fixed rate mortgage averaged 2.86 percent for the week – down from 2.89 percent. Last year at this time, the 15-year FRM averaged 3.65 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent – down from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 3.29 percent.
1-Year Adjustable Rate Mortgages
The one-year Treasury-indexed ARM averaged 2.69 percent. This is a slight increase from last week when it averaged 2.69 percent. Last year at this time, the 1-year ARM averaged 2.95 percent.
Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low. Only 80,000 net new jobs were added to the economy last month, not enough to lower the unemployment rate from 8.2 percent. This was the concern of the Federal Reserve’s monetary policy meeting held June 19-20. Minutes released from that meeting on July 11, revealed that a few members felt further monetary stimulus was needed to promote satisfactory growth in employment to meet the Committee’s goal.”
Original Source: Freddie Mac
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.