Fixed Mortgage Rates Plummet
30-YEAR FIXED RATE MORTGAGES
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages matched the all-time record low of 3.49 percent for the week ending September 20, 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 dropped significantly to 2.77 percent from last week when the average was 2.85 percent. Last year at this time, the 15-year FRM averaged 3.29 percent.
5-YEAR ADJUSTABLE RATE MORTGAGES
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 2.76 percent – up from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 3.02 percent.
1-YEAR ADJUSTABLE RATE MORTGAGES
The average one-year Treasury-indexed ARM held steady at 2.61 percent. Last year at this time, the 1-year ARM averaged 2.82 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery. New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010.”
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.