Mortgage Rates Hold Steady at Record Lows

Mortgage Rates Hold Steady at Record Lows

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 3.78 percent for the week ending May 24, 2012 – down from last week when it averaged 3.79 percent. Last year at this time, the 30-year fixed rate mortgage averaged 4.60 percent.

15-Year Fixed Rate Mortgages

The 15-year FRM held steady at record low of 3.04 percent.  A year ago at this time, the 15-year FRM averaged 3.78 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent – unchanged from last week. Last year at this time, the five-year ARM averaged 3.41 percent.

1-Year Adjustable Rate Mortgages

Also this week, the one-year Treasury-indexed ARM is down to 2.75 percent from 2.78 percent last week.  At this time last year, the one-year ARM averaged 3.11 percent.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability. The National Association of Realtor’s Housing Affordability Index reached an all-time record high in the first quarter of this year since records began in 1970. In April, existing home sales rose to the highest rate since January with an annualized rate of 4.62 million homes with purchases increasing in all four Census Regions. Similarly, sales of new homes also rose last month, beating the market consensus forecast. In addition, the Federal Housing Finance Agency purchase-only house price index rose 0.4 between the first quarter of 2011 and 2012 and represented the first 4-quarter increase since the first quarter of 2007.”

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

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 has recently earned the distinction of being named a 2012 Top Workplace in Southeastern Wisconsin.