Fixed Mortgage Rates Continue Free Fall

Average 30-year fixed rate mortgages hit a new record low for the week ending July 26, 2012. According to Freddie Mac’s Primary Mortgage Market Survey(PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.49 percent – down from last week when it averaged 3.53 percent. Last year at this time the 30-year FRM averaged 4.55 percent – a full percentage point higher than average rates for this week.

15-Year Fixed Rate Mortgages

The 15-year also dropped to a new record low. The 15-year fixed rate  mortgage averaged 2.80 percent for the week – down from 2.83 percent. Last year at this time, the 15-year  FRM averaged 3.66 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 2.74 percent – up from last week when it averaged 2.69 percent.  A year ago, the 5-year ARM averaged 3.25 percent. 

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.71 percent, up slightly from last week when it averaged 2.69 percent.  Last year at  this time, the 1-year ARM averaged 2.97 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:

“Market concerns over the strength of the economic recovery brought long-term Treasury yields to new lows this week allowing fixed mortgage rates to reach record levels. The Conference Board Leading Economic Index showed the largest monthly decline in June since September 2011. Existing home sales fell to 4.36 million homes (annualized) in June and represented the slowest pace since October 2011. Similarly, new home sales fell in June to their lowest level since January of this year.”

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.