Mortgage Rates – Record Low Streak Ends!

Mortgage Rates End Record Low Streak

30-Year Fixed Rate Mortgages

Average 30-year fixed rate mortgages went up, ending a six week streak of record-setting lows. Despite this increase, mortgage rates are still near historic lows and homebuyer affordability continues to be high. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.71 percent for the week ending June 14, 2012 – up from last week when it averaged 3.67 percent. Last year at this time the 30-year FRM averaged 4.50 percent.

15-Year Fixed Rate Mortgages

The 15-year FRM also increased. The 15-year fixed rate mortgage averaged 2.98 percent for the week – up from last week when it averaged 2.94 percent. Last year at this time, the 15-year FRM averaged 3.67 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent – down from last week when they averaged 2.84 percent. A year ago, the 5-year ARM averaged 3.27 percent.

1-Year Adjustable Rate Mortgages

Also this week, the one-year Treasury-indexed ARM average went up slightly to 2.80 percent from last week when it averaged 2.79 percent. Last year at this time, the 1-year ARM averaged 3.27 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.

“Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases. The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets. However, this is still well below the peak of $67.5 trillion set in the third quarter of 2007. Nonetheless, homeowners saw an aggregate $372 billion rise in property values over the first three months of this year.”

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.