April 12, 2012 (Shirley Allen)
Interest rates for 15-year fixed mortgage hit a new record low this week while the 30-year fixed rate mortgage hovered just above its all-time record low according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending April 12th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell slightly this week with the 30-year fixed rate averaging 3.88 percent with an average of 0.7 points, down from an average of 3.98 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.91 percent.
The 15-year fixed rate mortgage also fell, reaching a record low average of 3.11 percent with an average of 0.7 points, down from last week’s average of 3.21 percent. At this time last year, the 15-year fixed rate mortgage averaged 4.13 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages were mixed last week with the 5-year Treasury-indexed hybrid ARM averaging 2.85 percent, down from last week’s average of 2.86 percent, with an average of 0.7 points. The 5-year adjustable rate mortgage averaged 3.78 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.80 percent with an average of 0.6 points, up from last week’s average of 2.78 percent. A year ago, the 1-year adjustable rate mortgage averaged 3.25 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March. Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast. On a more positive note, the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its Districts in its April 11th Beige Book of regional economic conditions.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.8||0.8||0.6||0.8||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.8||0.6||0.8||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.8||0.7||0.5||0.9||0.7|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.7||0.6||0.4||0.6||0.5|
|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||0.6||0.7||0.6||0.6||0.7||0.7||0.8||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury