Mortgage Rates Hold Steady at Record Lows

Mortgage Rates Hold Steady at Record Lows

Freddie Mac announced that average mortgage rates held steady at record lows.

30-Year Fixed Rate Mortgages

Average 30-year fixed rate mortgages held steady at record lows.  According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.66 percent for the week ending June 28, 2012 – unchanged from last week. Last year at this time the 30-year FRM averaged 4.51 percent.

15-Year Fixed Rate Mortgages

The 15-year FRM dropped slightly. The 15-year fixed rate mortgage averaged 2.94 percent for the week – down from last week when it averaged 2.95 percent. Last year at this time, the 15-year FRM averaged 3.69 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent – up from last week when they averaged 2.77 percent. A year ago, the 5-year ARM averaged 3.22 percent.

1-Year Adjustable Rate Mortgages

Also this week, the one-year Treasury-indexed ARM averaged to 2.74 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:

“Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market. Both the S&P/Case Shiller® 20-city composite and the Federal Housing Finance Agency’s house price indexes showed over a 0.5 percent monthly increase in April. Meanwhilepending existing home sales rebounded in May by 5.9 percent to match a two year high and new home sales jumped 7.6 percent to its fastest pace since April 2010.”

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.

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.