Mortgage Rates Hit New Record Lows!

July 19, 2012

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30-Year Fixed Rate Mortgages

Average 30-year fixed rate mortgages hit a new record low for the week ending July 19, 2012. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.53 percent – down from last week when it averaged 3.56 percent. Last year at this time the 30-year FRM averaged 4.52 percent.

15-Year Fixed Rate Mortgages

The 15-year also dropped to a new recorded low. The 15-year fixed rate mortgage averaged 2.83 percent for the week – down from 2.86 percent. Last year at this time, the 15-year FRM averaged 3.66 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also hit a new record low at 2.69 percent – down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 3.27 percent.

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.69 percent unchanged from last week. Last year at this time, the 1-year ARM averaged 2.97 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:

“With little signs of inflation and the Federal Reserve’s “Operation Twist” keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market. For instance, the 12-month growth rate in the core Consumer Price Index has been in a narrow 2.1 to 2.3 percent band over the past nine months ending in June. Meanwhile, new construction on one-family homes rose for the fourth consecutive month in June to its strongest pace since April 2010 with builders restocking their lean inventories of new homes. In fact, homebuilder confidence for the next six months rose for the third month in a row in July to its highest reading since March 2007.”

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.

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