30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages remained near all-time record lows for the week ending October 11, 2012. The average 30-year fixed rate mortgage edged up slightly to 3.39 percent – from last week’s average of 3.36 percent. Last year at this time the 30-year FRM averaged 4.12 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages also increased slightly to 2.70 percent from last week when the average was 2.69 percent. Last year at this time, the 15-year FRM averaged 3.37 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly to 2.73 percent – from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 3.06 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM rose to 2.59 percent from 2.57 last week. Last year at this time, the 1-year ARM averaged 2.90 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Mortgage rates were little changed this holiday week following the employment report for September. Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009.”
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.