30-Year Fixed Rate Mortgages
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 3.84 percent for the week ending May 3, 2012 – down from last week when it averaged 3.88 percent. The previous all-time record low of 3.87 percent was registered on February 9, 2012. Last year at this time, the 30-year fixed rate mortgage averaged 4.71 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 3.07 percent for the week – down from last week when it averaged 3.12 percent. The previous all-time record low of 3.11 percent was set April 12, 2012. A year ago at this time, the 15-year FRM averaged 3.89 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained unchanged at 2.85 percent. Last year at this time, the five-year ARM averaged 3.47 percent.
1-Year Adjustable Rate Mortgages
Also this week, the one-year Treasury-indexed ARM is down to 2.70 percent from 2.74 percent last week. At this time last year, the one-year ARM averaged 3.14 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week. Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent. In addition, the 12-month growth in the core price index of personal consumption expenditures was 2.0 percent in March which matches the Federal Reserve’s implied inflation target.”
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
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