June 8, 2012 (Shirley Allen)
Grim economic news at both home and abroad allowed mortgage rates to continue their downward slide, falling to record lows for the sixth consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 7th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell even lower this week with the 30-year fixed rate averaging a new all-time record low of 3.67 percent with an average of 0.7 points, down from an average of 3.75 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.49 percent.
The 15-year fixed rate mortgage also continued to fall, also averaging a new record low of 2.94 percent with an average of 0.7 points, down from an average of 2.97 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 3.68 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages remained at about the same levels as last week with the 5-year Treasury-indexed hybrid ARM averaging 2.84 percent, with an average of 0.7 points, unchanged from last week’s average. The 5-year adjustable rate mortgage averaged 3.28 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.79 percent with an average of 0.4 points, up from last week’s average of 2.75 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.95 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data. Gross domestic product rose 1.9 percent in the first quarter, after originally being reported as 2.2 percent, led by gains in inventories, more government cutbacks and the slowest increase in corporate profits in over three years. In addition, the economy added 69,000 jobs in May, less than half of the market consensus forecast and revisions subtracted a total of 49,000 workers in March and April. Lastly, the unemployment rate ticked up from 8.1 percent in April to 8.2 percent.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.8||0.7||0.7||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.7||0.7||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.8||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.4||0.5||0.5||0.3||0.5||0.4|
|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||0.7||0.7||0.5||0.5||0.8||0.7||0.6||0.4|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury