Mortgage Rates Push Lower

Mortgage Rates Near Record Lows
 

Mortgage rates edged down for the fifth consecutive week continuing to support the ongoing housing recovery. The average 30-year fixed rate mortgage rate is hovering near its all-time record low. The 15-year fixed rate mortgage set a new all-time record low this week at 2.56, eclipsing the record set last week.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 3.35 from 3.40 percent last week. Last year at this time the 30-year FRM averaged 3.84 percent.

 

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell to 2.56 percent from 2.61 last week. Last year at this time, the 15-year FRM averaged 3.07 percent.

 

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) dipped to 2.56 percent from 2.58 percent last week. A year ago, the 5-year ARM averaged 2.85 percent.

 

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is down this week to 2.56 percent from 2.62 percent last week. Last year at this time, the 1-year ARM averaged 2.70 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 eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5 percent but fell short of the market consensus forecast. The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery. Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term.”

 

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.

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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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