Mortgage Rates Calm
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages remained near record lows for the week ending November 29, 2012. The average 30-year fixed rate mortgage increased slightly to 3.34 percent – from last week’s average of 3.32 percent. Last year at this time the 30-year FRM averaged 3.99 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages increased to 2.67 percent from last week when the average was 2.64 percent. Last year at this time, the 15-year FRM averaged 3.27 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell slightly to 2.69 percent – down from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 2.93 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM dipped slightly to 2.55 percent from 2.56 last week. Last year at this time, the 1-year ARM averaged 2.80 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation. Third quarter real GDP growth was revised from an initial report of 2.0 percent to 2.7 percent, nearly matching the market consensus forecast. Meanwhile, the 12-month growth rate of the core price index of consumer expenditures remained at 1.7 percent in October which is on the low end of the Federal Reserve’s projection range for this year.
“The housing market is aiding in this recovery. For instance, fixed residential investment added positive growth over the past six consecutive quarters and in the third quarter alone contributed 0.3 percentage points to real GDP growth. In addition, residential construction spending was up 3 percent between September and October and, pending home sales saw a 5.2 percent increase in October to its highest reading since March 2007.”
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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