Record Low Rates Should Help Housing Recovery
Record Low 30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages dropped significantly for the week ending November 21, 2012. The average 30-year fixed rate mortgage dropped to 3.31 percent – from last week’s average of 3.34 percent. Last year at this time the 30-year FRM averaged 3.98 percent.
15-Year Fixed Rate Mortgages
Average 15-year fixed rate mortgages decreased to 2.63 percent from last week when the average was 2.65 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) held steady at 2.74 percent. A year ago, the 5-year ARM averaged 2.91 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM increased to 2.56 percent from 2.55 last week. Last year at this time, the 1-year ARM averaged 2.79 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast.”
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.