30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages increased slightly for the week ending November 8, 2012. The average 30-year fixed rate mortgage rose up to 3.40 percent – from last week’s average of 3.39 percent. Last year at this time the 30-year FRM averaged 3.99 percent – the first drop below 4.00 percent since 1971.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages decreased to 2.69 percent from last week when the average was 2.70 percent. Last year at this time, the 15-year FRM averaged 3.30 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell slightly to 2.73 percent from 2.74 last week. A year ago, the 5-year ARM averaged 2.98 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM rose slightly to 2.59 percent from 2.58 last week. Last year at this time, the 1-year ARM averaged 2.95 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates remained near record lows following the employment report for October. The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged.”
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 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.