MORTGAGE RATES BACK IN RECORD TERRITORY
Article by: Daily Real Estate News | Friday, June 22, 2012
Record low 30-year fixed-rate mortgages are back, pushing home affordability even higher for home buyers. Last week, fixed-rates trickled up after six weeks of breaking records. But this week, 30-year fixed-rate mortgages and 5-year adjustable rate mortgages took another dip into record territory, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at mortgage rates for the week ending June 21:
- 30-year fixed-rate mortgages: averaged a new all-time record low of 3.66 percent, with an average 0.7 point, dropping from last week’s 3.71 percent average. Two weeks ago, 30-year rates set a record when they had averaged 3.67 percent. A year ago, 30-year rates averaged 4.50 percent.
- 15-year fixed-rate mortgages: averaged 2.95 percent, with an average 0.6 point, nearing the record low it set two weeks ago of a 2.94 percent average. A year ago at this time, 15-year rates averaged 3.69 percent.
- 5-year ARMs: averaged a new all-time record low of 2.77 percent, with an average 0.6 point, dropping from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.25 percent.
- 1-year ARMs: averaged 2.74 percent, with an average 0.5 point, dropping from last week’s 2.78 percent average. A year ago at this time, 1-year ARMs averaged 2.99 percent.
Source: Freddie Mac; Daily Real Estate News (June 22, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee