Mortgage Rates Staying Low
Article by: Daily Real Estate News (October 19, 2012)
Mortgage rates mostly hovered near their record lows this week, fueling more momentum for home purchases.
The 30-year fixed-rate mortgage, the most popular mortgage option among home buyers, averaged 3.37 percent this week, just above its record low of 3.36 percent, Freddie Mac reports in its weekly mortgage market survey. However, 15-year fixed-rate mortgages, popular among refinancers, dipped to a new low this week, averaging 2.66 percent.
The following are the national averages in mortgage rates for the week ending Oct. 18, according to Freddie Mac:
- 30-year fixed-rate mortgages: averaged 3.37 percent, with an average 0.7 point, down from last week’s 3.39 percent average. A year ago, 30-year rates averaged 4.11 percent.
- 15-year fixed-rate mortgages: averaged a new record low of 2.66 percent, with an average 0.6 point, own from last week’s 2.70 percent average. A year ago, 15-year rates averaged 3.38 percent.
- 5-year adjustable-rate mortgages: averaged 2.75 percent, with an average 0.6 point, rising from last week’s 2.73 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent.
- 1-year ARMs: averaged 2.60 percent, with an average 0.4 point, rising from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.94 percent.
Source: Freddie Mac; Daily Real Estate News (October 19, 2012) | Blog distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee