30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages hit new all-time record low for the second consecutive week on mortgage securities purchases by the Federal Reserve and indicators of a weakening economy. For the week ending October 4, 2012 the average 30-year fixed rate mortgage dropped to 3.36 percent – another substantial drop form last week’s average of 3.40 percent. Last year at this time the 30-year FRM averaged 3.94 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages also dropped significantly to 2.69 percent from last week when the average was 2.73 percent. Last year at this time, the 15-year FRM averaged 3.26 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose slightly to 2.72 percent – up from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 3.96 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM fell slightly to 2.57 percent from 2.60 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:
“Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy. The final estimate of growth in Gross Domestic Product was revised down to 1.3 percent in the second quarter, representing the slowest growth in a year. In addition, personal incomes rose only 0.1 percent in August, while July’s increase was revised downward. And finally, pending home sales in August fell 2.6 percent, well below the market consensus forecast of a slight increase.”
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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