Mortgage Rates Near Record Lows

Mortgage rates edged down for the third week in a row amid reports of weaker consumer spending. The average 30-year fixed rate mortgage rate is near its 65-year record low.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 3.41 from 3.43 percent last week. Last year at this time the 30-year FRM averaged 3.90 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell to 2.64 percent from 2.65 last week. Last year at this time, the 15-year FRM averaged 3.13 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) dipped to 2.60 percent from 2.62 percent last week. A year ago, the 5-year ARM averaged 2.78 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is up this week to 2.63 percent from 2.62 percent last week. Last year at this time, the 1-year ARM averaged 2.80 percent.

Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

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

“Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.”

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 is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

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.

Share: