July 6, 2012 (Shirley Allen)
Just when you think mortgage rates can’t get any lower…they do. Fixed rate mortgages fell to new all-time lows again this week as dismal economic news pushed Treasury Bonds lower this week sending rates to their newest lows according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending July 5th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages declined to new record lows last week with the 30-year fixed rate averaging 3.62 percent with an average of 0.8 points, down from 3.66 the previous week. A year ago, the 30-year fixed rate mortgage averaged 4.60 percent.
The 15-year fixed rate mortgage also set a new record low average of 2.89 percent with an average of 0.7 points, down from last week’s average of 2.94 percent. At this time last year, the 15-year fixed rate mortgage averaged 3.75 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages were mixed last week with the 5-year Treasury-indexed hybrid ARM averaging 2.79 percent, with an average of 0.6 points, unchanged from the previous week. The 5-year adjustable rate mortgage averaged 3.30 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.68 percent with an average of 0.5 points, down from last week’s average of 2.74. A year ago, the 1-year adjustable rate mortgage averaged 3.01 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows. Growth in personal expenditures was revised downward to an annualized rate of 2.5 percent in the final GDP estimates for the first quarter of the year. In addition, monthly consumer spending in April was revised from a 0.3 percent gain to 0.1 percent and was unchanged in May. Finally, the Institute for Supply Management reported that manufacturing shrank in June, the first decline since July 2009.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.8||0.7||0.8||0.8||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.7||0.7||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.7||0.6||0.5||0.7||0.7|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.6||0.5||0.4||0.5||0.4|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.7||0.6||0.6||0.7||0.7||0.6||0.4|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury