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Fixed Rate Mortgages Move Lower

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved lower for the week ending February 28, 2013. The average 30-year fixed rate mortgage fell to 3.51 from 3.56 percent last week. Last year at this time the 30-year FRM averaged 3.90 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages averaged 2.76 percent, down slightly from last week when the average was 2.77 percent. Last year at this time, the 15-year FRM averaged 3.17 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) fell to 2.61 percent from 2.64 percent last week. A year ago, the 5-year ARM averaged 2.83 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM was down this week to 3.64 percent from 2.65 percent last week. Last year at this time, the 1-year ARM averaged 2.72 percent.

Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row. House price indicators, however, showed gains in 2012. The S&P/Case-Shiller® national home price index rose 7.3 percent last year, reflecting the largest four-quarter growth since the third quarter of 2006. This, in part, was a driving force that pushed up the number of existing and new home sales in February to the highest levels since July 2007 and July 2008, respectively.”

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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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.

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