Mortgage Rates Edge Lower
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages remained near all-time record lows for the week ending October 11, 2012. The average 30-year fixed rate mortgage decreased slightly to 3.37 percent – from last week’s average of 3.39 percent. Last year at this time the 30-year FRM averaged 4.11 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages also decreased to 2.66 percent from last week when the average was 2.70 percent. Last year at this time, the 15-year FRM averaged 3.38 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly to 2.75 percent – from last week when it averaged 2.73 percent. A year ago, the 5-year ARM averaged 3.01 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM rose to 2.60 percent from 2.59 last week. Last year at this time, the 1-year ARM averaged 2.94 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates remained more or less unchanged this week as home construction builds up steam. Construction on single-family homes jumped to an annualized rate of 11 percent in August, the strongest pace since August 2008. Over the first nine months of the year, single-family starts were 23 percent higher than the same period last year. Moreover, homebuilder confidence rose for the sixth consecutive month in October to the highest level since June 2006, according to the NAHB/Wells Fargo Housing Market Index.”
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.
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.