October 5, 2012 (Shirley Allen)
Interest rates on fixed rate mortgages continued their downward march this week as the Federal Reserve’s securities buying spree and gloomy economic news pushed mortgage rates lower according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending October 4th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell to new average lows for yet another week with the 30-year fixed rate declining to a new all time record low average of 3.36 percent with an average of 0.6 points, down from an average of 3.40 percent last week. It was the 28th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 3.94 percent.
Average 30-year rates were lowest in the Western portion of the United States while the highest rates were reported in the Southeastern areas of the country.
The 15-year fixed rate mortgage also fell to a new record low average of 2.69 percent with an average of 0.5 points, down from an average of 2.73 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 19 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.26 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM averaging 2.72 percent, with an average of 0.6 points, up from last week’s average of 2.71 percent. The 5-year adjustable rate mortgage averaged 2.96 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage fell to another new record low this week, averaging 2.57 percent with an average of 0.4 points, down from 2.60 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.95 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.6||0.6||0.6|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.5||0.6||0.4||0.5||0.6|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.5||0.8||0.6||0.6||0.5|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.5||0.6||0.4||0.4||0.3|
|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||0.8||0.8||0.6||0.5||0.6||0.6||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