30-Year Fixed Rate Mortgages
Average 30-year fixed rate mortgages hit a new record low for the week ending July 5, 2012. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.62 percent – down from last week when it averaged 3.66 percent. Last year at this time the 30-year FRM averaged 4.60 percent.
15-Year Fixed Rate Mortgages
The 15-year also dropped from last week. The 15-year fixed rate mortgage averaged 2.89 percent for the week – down from 2.94 percent. Last year at this time, the 15-year FRM averaged 3.75 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent – unchanged from last week. A year ago, the 5-year ARM averaged 3.30 percent.
1-Year Adjustable Rate Mortgages
The one-year Treasury-indexed ARM average also hit a new record low at 2.68 percent. This is a drop from last week when it averaged 2.74 percent. Last year at this time, the 1-year ARM averaged 3.01 percent.
Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows. Growth in personal expenditures was revised downward to an annualized rate of 2.5 percent in the final GDP estimates for the first quarter of the year. In addition, monthly consumer spending in April was revised from a 0.3 percent gain to 0.1 percent and was unchanged in May. Finally, the Institute for Supply Management reported that manufacturing shrank in June, the first decline since July 2009.”
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.
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.