Mortgage Rates Ease Slightly

Mortgage Rates Near Record Lows
 

Fixed mortgage rates moved slightly lower for the week as markets awaited the Federal Reserve’s monetary policy announcement.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved down to 3.93 from 3.98 percent last week. Last year at this time the 30-year FRM averaged 3.66 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell to 3.04 percent from 3.10 last week. Last year at this time, the 15-year FRM averaged 2.95 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) stayed at 2.79 percent.  A year ago, the 5-year ARM averaged 2.77 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM fell slightly to 2.57 percent from 2.58 last week. Last year at this time, the 1-year ARM averaged 2.74 percent.

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.

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

“Mortgage rates were relatively unchanged this week as market participants awaited the Federal Reserve’s (Fed) monetary policy announcement. The Fed stated that economic growth has been expanding at a moderate pace and that labor market conditions have shown further improvement, although the unemployment rate remains elevated. It noted inflation has been running below the Fed’s longer-run objective as well. As a result, the Fed will continue its bond-buying program at the current pace and maintain its highly accommodative monetary policy stance.”

“The Fed also affirmed that the housing sector has strengthened further. For instance, single-family housing permits increased nearly 2 percentage points in May to an annualized pace of 649,000 homes, the most since May 2008. In addition, homebuilder confidence in June rose to its highest reading since March 2006.”

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.

About Inlanta Mortgage

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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.

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