Mortgage Rates Fall Again

Mortgage Rates Near Record Lows
 

Fixed Mortgage Rates Drop to Four Month Low

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) today, showing average fixed mortgage rates declining for the second consecutive week amid recent data showing softening in the housing market. Fixed mortgage rates are at their lowest levels since June.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages fell to 4.10 percent from 4.13 percent last week. A year ago at this time, the 30-year FRM averaged 3.39 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage fell to 3.20 percent from 3.24 percent last week. A year ago at this time, the 15-year FRM averaged 2.70 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved down to 2.96  percent from 3.00 percent last week. A year ago, the 5-year ARM averaged 2.74 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM rose 2.64 percent from 2.60 last week. At this time last year, the 1-year ARM averaged 2.58 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:

Fixed mortgage rates eased further leading up to the Federal Reserve’s (Fed) October 30th monetary policy announcement. The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated. As a result, there was no policy change which should help sustain low mortgage rates in the near future.”

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.

Want to Lock & Shop?

Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in while interest rates are historically low. This program is especially appealing to home buyers interested in locking in at mortgage rates that haven’t been this low since June.

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