Fixed Mortgage Rates Beat Previous Records

September 28, 2012 (Shirley Allen)

Three of the four mortgage products measured in Freddie Mac’s Primary Mortgage Market Survey® (PMMS) posted new record low averages through the week ending September 27th.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages fell to new average lows with the 30-year fixed rate declining to a new all time record low average of 3.40 percent with an average of 0.6 points, down from an average of 3.49 percent last week. It was the 27th consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.01 percent.

Average 30-year rates were lowest in the Western portion of the United States while the highest rates were reported in the Northeastern and Southeastern areas of the country.

The 15-year fixed rate mortgage also fell to a new record low average of 2.73 percent with an average of 0.6 points, down from an average of 2.87 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 18 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.28 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages were also down last week with the 5-year Treasury-indexed hybrid ARM averaging 2.71 percent, with an average of 0.6 points, down from last week’s average of 2.76 percent. The 5-year adjustable rate mortgage averaged 3.02 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage also feel to a new record low averaging 2.61 percent with an average of 0.4 points, down from 2.61 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.83 percent.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.40 3.42 3.42 3.40 3.40 3.36
Fees & Points 0.6 0.6 0.7 0.6 0.6 0.7

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 2.73 2.75 2.76 2.71 2.76 2.71
Fees & Points 0.6 0.6 0.6 0.5 0.5 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.71 2.69 2.69 2.88 2.67 2.62
Fees & Points 0.6 0.6 0.7 0.6 0.7 0.5
Margin 2.74 2.74 2.75 2.73 2.76 2.74

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 2.60 2.50 2.63 2.67 2.68 2.58
Fees & Points 0.4 0.5 0.4 0.2 0.5 0.3
Margin 2.76 2.80 2.75 2.73 2.75 2.75

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac