Mortgage Rates Hit New Record Lows
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 3.67 percent for the week ending June 7, 2012 – down from last week when it averaged 3.75 percent. Last year at this time the 30-year FRM averaged 4.49 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 2.94 percent for the week – down from last week when it averaged 2.97 percent. Last year at this time, the 15-year FRM averaged 3.68 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent – unchanged from last week. A year ago, the 1-year ARM averaged 3.28 percent.
1-Year Adjustable Rate Mortgages
Also this week, the one-year Treasury-indexed ARM average rose slightly to 2.79 percent from last week when it averaged 2.75 percent. Last year at this time, the 1-year ARM averaged 2.95 percent.
Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data. Gross domestic product rose 1.9 percent in the first quarter, after originally being reported as 2.2 percent, led by gains in inventories, more government cutbacks and the slowest increase in corporate profits in over three years. In addition, the economy added 69,000 jobs in May, less than half of the market consensus forecast and revisions subtracted a total of 49,000 workers in March and April. Lastly, the unemployment rate ticked up from 8.1 percent in April to 8.2 percent.”
Original Source: Freddie Mac
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