30 Year Fixed Rate Mortgages
Yesterday, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) for the week ending April 5, 2012. According to the PMMS
the 30-year fixed-rate mortgage (FRM) averaged 3.98 percent – down (slightly) from last week when it averaged 3.99 percent. At this same time last year, the 30-year FRM averaged 4.87 percent. For the second week in a row, rates remain below 4.00%.
15 Year Fixed Rate Mortgages
The 15-year FRM averaged 3.21 percent for the week – down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.10 percent.
“Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy,” said Frank Nothaft, vice president and chief economist with Freddie Mac. “The final estimate of 2011 fourth quarter growth remained unchanged at three percent, representing the strongest pace since the second quarter of 2010. The March 13th policy committee minutes from the Federal Reserve noted that the housing market remained depressed and supported the continuation of the maturity extension program through June 2012, but did not announce any new stimulus action beyond that date.”
Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent for the week – down from last week when it averaged 2.90 percent. Last year at this time, the five-year ARM averaged 3.72 percent. Also this week, the one-year Treasury-indexed ARM has not changed. It remains the same as last week – averaged at 2.78 percent. At this time last year, the one-year ARM averaged 3.22 percent.
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.