Mortgage Rates Remain Low
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages decreased slightly for the week ending November 1, 2012. The average 30-year fixed rate mortgage fell to up to 3.39 percent – from last week’s average of 3.41 percent. Last year at this time the 30-year FRM averaged 4.00 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages also decreased to 2.70 percent from last week when the average was 2.72 percent. Last year at this time, the 15-year FRM averaged 3.31 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell slightly to 2.75 percent. A year ago, the 5-year ARM averaged 2.96 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM fell slightly to 2.58 percent from 2.59 last week. Last year at this time, the 1-year ARM averaged 2.88 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates remained relatively unchanged this week on signs of a growing economy and low inflation. The economy grew 2.0 percent in the third quarter with residential fixed investment contributing 0.3 percentage points to growth. The core price index of personal consumer expenditures grew 1.7 percent between September 2011 and 2012 and was within the Federal Reserve’s preferred target range.”
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.