Mortgage Rates Drop Again
30-Year Fixed Rate Mortgages
Average 30-year fixed rate mortgages eased this week amid worsening economic indicators including falling industrial production and falling consumer sentiment. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.66 percent for the week ending June 21, 2012 – down slightly last week when it averaged 3.71 percent. Last year at this time the 30-year FRM averaged 4.50 percent.
15-Year Fixed Rate Mortgages
The 15-year FRM also dropped slightly. The 15-year fixed rate mortgage averaged 2.95 percent for the week – down slightly from last week when it averaged 2.98 percent. Last year at this time, the 15-year FRM averaged 3.69 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent – down from last week when they averaged 2.80 percent. A year ago, the 5-year ARM averaged 3.25 percent.
1-Year Adjustable Rate Mortgages
Also this week, the one-year Treasury-indexed ARM average dropped to 2.74 percent from last week when it averaged 2.78 percent. Last year at this time, the 1-year ARM averaged 2.99 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:
“Treasury bond yields eased somewhat this week on some worsening economic indicators bringing mortgage rates back into record low territory. Industrial production fell in two of the last three months ending in May, and below the expected market consensus forecast. In addition, consumer sentiment fell in June to its lowest level this year, according to the University of Michigan survey. In its June 20th monetary policy announcement, the Federal Reserve also noted growth in employment has slowed in recent months and household spending appears to be rising at a somewhat slower pace.
“However, there were also some positive indicators on the housing market. Construction on one-family homes rose for the third consecutive month in May to an annualized pace of 516,000. Furthermore, homebuilder confidence rose in June to its highest reading in over five years.”
Original Source: Freddie Mac
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