30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages hit a new all-time record low for the week ending September 27, 2012. The average 30-year fixed rate mortgage is 3.40 percent – a substantial drop form last week’s average of 3.49 percent. Last year at this time the 30-year FRM averaged 4.01 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages dropped significantly to 2.73 percent from last week when the average was 2.77 percent. Last year at this time, the 15-year FRM averaged 3.28 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) decreased to 2.71 percent – down from last week when it averaged 2.76 percent. A year ago, the 5-year ARM averaged 3.02 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM fell slightly to 2.60 percent from 2.61 last week. Last year at this time, the 1-year ARM averaged 2.83 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market. For instance, the S&P/Case-Shiller® 20-city home price index rose 1.2 percent over the 12 months ending in July, reflecting the largest annual increase since August 2010. Moreover, 16 of the cities saw positive growth, led by Phoenix’s 16.6 percent gain. Additionally, new home sales in July and August had the strongest two-month pace since March and April 2010.”
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.