Mortgage Rates Down Again

Fixed mortgage rates hold steady.
Mortgage rates edged down for the second week in a row following weak employment reports. The average 30-year fixed rate mortgage rate remains near its 65-year record low.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 3.43 from 3.54 percent last week. Last year at this time the 30-year FRM averaged 3.88 percent.

 

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell to 2.65 percent from 2.74 last week. Last year at this time, the 15-year FRM averaged 3.11 percent.

 

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) dipped to 2.62 percent from 2.65 percent last week. A year ago, the 5-year ARM averaged 2.85 percent.

 

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is down this week to 2.62 percent from 2.63 percent last week. Last year at this time, the 1-year ARM averaged 2.80 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 fell further this week following a lackluster employment report for March. The economy added just 88,000 new jobs last month, about one-third as many as February and the fewest since June 2012. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid.”

 

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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