30-Year Fixed Rate Mortgages
Once again, 30-year fixed rate mortgages hit a new all-time record low. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.79 percent for the week ending May 10, 2012 – down from last week when it averaged 3.83 percent. Last year at this time, the 30-year fixed rate mortgage averaged 4.61 percent.
15-Year Fixed Rate Mortgages
The 15-year FRM also reached a new all-time record low. The 15-year fixed rate mortgage averaged 3.04 percent for the week – down from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.80 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent – down last week when it averaged 2.81 percent. Last year at this time, the five-year ARM averaged 3.48 percent.
1-Year Adjustable Rate Mortgages
Also this week, the one-year Treasury-indexed ARM is up to 2.78 percent from 2.73 percent last week. At this time last year, the one-year ARM averaged 3.15 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week. For instance, industrial production rose 1.1 percent in April — the largest gain since December 2010 — and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.”
There is also good news in the home construction industry. Housing starts rose above the market consensus forecast and construction on single family homes increased to its strongest pace in three months. Homebuilder confidence also reached its highest level since January 2008 according to NAHB/Wells Fargo Housing Marketing Index.
Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.
Original Source: Freddie Mac
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.