Mortgage Rates Hold at Record Lows
Article by: Daily Real Estate News | Friday, June 29, 2012
Record-low mortgage rates stuck around for another week, allowing home buyers and refinancers to lock-in ultra low financing, Freddie Mac reports in its weekly mortgage market survey. Both the 30-year and 15-year fixed-rate mortgages matched their all-time lows.
“Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at rates for the week ending June 28:
- 30-year fixed-rate mortgages: averaged a record low of 3.66 percent, with an average 0.7 point, holding steady at last week’s average. A year ago at this time, 30-year rates averaged 4.51 percent.
- 15-year fixed-rate mortgages: averaged a record low of 2.94 percent, with an average 0.7 point, dropping from last week’s 2.95 percent average. Last year at this time, 15-year rates averaged 3.69 percent.
- 5-year adjustable-rate mortgages: averaged 2.79 percent, with an average 0.6 point, rising slightly from last week’s 2.77 percent average. Last year this time, 5-year ARMs averaged 3.22 percent.
- 1-year ARMs: averaged 2.74 percent, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.97 percent.
Source: Freddie Mac; Daily Real Estate News (June 29, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee