Mortgage Rates Down

Mortgage Rates Near Record Lows
 

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) yesterday, showing average fixed mortgage rates down following the Federal Reserve announcement that this will maintain bond buying stimulus helping to keep homebuyer affordability elevated. The average rate on the 30-year fixed mortgage is at its lowest level since the week ending July 25, 2013.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 4.32 percent from 4.50 percent last week. Last year at this time the 30-year FRM averaged 3.40 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage fell to 3.37 percent from 3.54 percent last week. Last year at this time, the 15-year FRM averaged 2.73 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 3.07 percent from 3.11 percent last week. A year ago, the 5-year ARM averaged 2.71 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM fell to 2.63 percent from 2.65 percent. Last year at this time, the 1-year ARM averaged 2.60 percent.

These low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond buying stimulus. These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated. For instance, the S&P/Case-Shiller® 20-city composite house price index rose 12.4 percent over the 12-months ending in July, which represented the largest annual increase since February 2006. In addition, more than half of the cities had annual growth exceeding 10 percent and four cities saw increases exceeding 20 percent.

“These increases in home values have also increased homeowner wealth. For example, homeowners experienced an aggregate $1.4 trillion increase in equity in their homes over the first half of this year which contributed to the overall $4.2 trillion gain in household net worth.”

Each Thursday, Freddie Mac releases the results of their Primary Mortgage Market Survey (PMMS). The results are based on a survey of lenders each week on the rates and points for their most popular mortgage products. The survey is collected from Monday through Wednesday and the average results are posted on Thursday. For up to the minute mortgage rate information, please contact a mortgage loan professional. For more information about the Primary Mortgage Market Survey, visit the Freddie Mac website.

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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