Mortgage Rates Change Little
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 3.32 percent – from last week’s average of 3.31 percent. Last year at this time the 30-year FRM averaged 4.00 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages increased to 2.64 percent from last week when the average was 2.63 percent. Last year at this time, the 15-year FRM averaged 3.30 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell slightly to 2.72 percent – down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.90 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM held steady at 2.56 percent. Last year at this time, the 1-year ARM averaged 2.78 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff. Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices. The S&P/Case-Shiller® national home price index (seasonally adjusted) rose 5.2 percent over the first three quarters of this year. In addition, all 20 of the city indices (seasonally adjusted) had positive growth over the first 9 months, led by a 17.9 percent increase in Phoenix. More recently, the Federal Reserve’s November 28th regional economic review, known as the Beige Book, noted that 10 of the 12 districts reported the market for single-family homes continued to improve leading into mid-November.”
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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