November 16, 2012 (Shirley Allen)
Interest rates on 30-year fixed rate mortgages fell to new record lows this week as investors sought refuge from a tumbling stock market in Treasury bonds which pushed yields downward according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending November 15th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell this week with the 30-year fixed rate averaging a new record low of 3.34 percent with an average of 0.7 points, down from an average of 3.40 percent last week. It was the 34th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.00 percent.
Average 30-year rates remained the lowest in the Western portion of the United States where mortgage rates averaged 3.27 percent while the highest rates were reported in the Northeastern and Southeastern areas of the country where interest rates averaged 3.38 percent.
The 15-year fixed rate mortgage averaged 2.65 percent with an average of 0.7 points, down from an average of 2.69 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 24 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.31 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages were mixed with the 5-year Treasury-indexed hybrid ARM averaging 2.74 percent, with an average of 0.6 points, up from an average of 2.73 the previous week. The 5-year adjustable rate mortgage averaged 2.97 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.55 percent with an average of 0.3 points, down from 2.59 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.98 percent.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.8||0.7||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.7||0.6||0.7||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.7||0.6||0.7||0.5|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.3||0.5||0.5||0.3||0.4||0.1|
|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